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ECON Chapter 1 The Core Principles Of Economics With Complete Solutions Latest Update £11.83   Add to cart

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ECON Chapter 1 The Core Principles Of Economics With Complete Solutions Latest Update

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ECON Chapter 1 The Core Principles Of Economics With Complete Solutions Latest Update

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  • July 22, 2024
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  • 2023/2024
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ECON Chapter 1 The Core Principles Of Economics
With Complete Solutions Latest Update

Economics= - correct answers the study of people in the ordinary business of life



microeconomics= - correct answers the study of individual decisions



macroeconomics= - correct answers the study of decision making across the whole economy



the four core principles - correct answers 1. cost-benefit principle

2. opportunity cost principle

3. marginal principle

4. interdependence principle



2 incentives that shape decisions - correct answers 1. cost

2. benefit



for you to pursue it, the benefit needs to be - correct answers at least as large as their costs



willingness to pay= - correct answers how much you value the good



can the benefits you get from something be unrelated to the price you pay? - correct answers yes

- ex: google is free, yet you benefit from using it



economic surplus= - correct answers total benefits minus the total costs flowing from a decision

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