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Macroeconomics--Hubbard and O'Brien Chapter 1 questions and answers graded A+ 2024/2025
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Macroeconomics--Hubbard and O'Brien Chapter 1 questions and answers graded A+ 2024/2025
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Macroeconomics--Hubbardand
O'Brien
Chapter
1
scarcity
-
ANSA
situation
in
which
unlimited
wants
exceed
the
limited
resources
available
to
fulfill
those
wants.
Economics
-
ANSThe
study
of
the
choices
people
make
to
attain
their
goals,
given
their
scarce
resources.
Economic
model
-
ANSA
simplified
version
of
reality
used
to
analyze
real-world
economic
situations.
Market
-
ANSA
group
of
buyers
and
sellers
of
a
good
or
service
and
the
institution
or
arrangement
by
which
they
come
together
to
trade.
Marginal
analysis
-
ANSAnalysis
that
involves
comparing
marginal
benefits
and
marginal
costs.
Trade-off
-
ANSThe
idea
that
because
of
scarcity,
producing
more
of
one
good
or
service
means
producing
less
of
another
good
or
service.
Opportunity
cost
-
ANSThe
highest-valued
alternative
that
must
be
given
up
to
engage
in
an
activity.
Centrally
planned
economy
-
ANSAn
economy
in
which
the
government
decides
how
economic
resources
will
be
allocated.
Market
economy
-
ANSAn
economy
in
which
the
decisions
of
households
and
firms
interacting
in
markets
allocate
economic
resources.
Mixed
economy
-
ANSAn
economy
in
which
most
economic
decisions
result
from
the
interaction
of
buyers
and
sellers
in
markets
but
in
which
the
government
plays
a
significant
role
in
the
allocation
of
resources.
Productive
efficiency
-
ANSA
situation
in
which
a
good
or
service
is
produced
at
the
lowest
possible
cost.
Allocative
efficiency
-
ANSA
state
of
the
economy
in
which
production
is
in
accordance
with
consumer
preferences;
in
particular,
every
good
or
service
is
produced
up
to
the
point
where
the
last
unit
provides
a
marginal
benefit
to
society
equal
to
the
marginal
cost
of
producing
it.
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