ECON 2030 Chapter : Econ 2030
Document Summary
Individual people or individual businesses or sectors: macroeconomics. Entire country or entire society: markets, market economy primarily utilizes markets, not necessarily a place, social process in which goods and services are exchanged for money, core of market economy is the existence of money. Examples of economic reasoning: a question, would it ever make sense, would it ever be a good idea, either/or choices, charles and the movie ticket, parts 1 and 2, relevant costs, sunk costs. In ex: no matter which movie always paying. . 75: how much/many choices, all-you-can-eat buffet, relevant costs, sunk costs, the answer, delta and the mayor, relevant costs. Note on graphing: appendix to chapter 2: relationship between two things, positive slope direct relationship, negative slope inverse relationship. Opportunity cost application: international trade: questions to answer, if workers in the us are the most productive in the world, why do we consume so many imported goods, it isn"t productivity that matters.
