Principles Of Economics Summary All Chapters
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Read the summary and the most important questions on Principles of Economics summary all chapters
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1 Chapter 1 What is economics?
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How are choices for social interest affected?
- Globalization
- Information-age monopolies
- Climate change
- Financial instability
- Consequence of scarcity -
How do choices respond to incentives?
- Based on marginal benefits gained
- Consider marginal costs suffered -
Describe economics as a social scientist.
- Seeks to understand economic workings
- Distinguishes between positive and normative -
What is a positive statement in economics?
- True statement supported by facts
- Can be tested for accuracy -
How is an economist utilized as a policy advisor?
- Advises governments and businesses
- Helps in making personal decisions -
2 Chapter 3 Demand & Supply
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How does a HIGHER PRICE impact QUANTITY DEMANDED?
- SUBSTITUTION EFFECT: rise in relative price leads to seeking substitutes
- INCOME EFFECT: real income change due to price increase -
What are normal goods and how does income influence them?
• Demand increases when income increases; consumers can afford more and better products. -
What are inferior goods and how does income influence them?
• Demand increases when income decreases; consumers switch to higher quality goods. -
How does population size and age structure impact demand?
• Smaller populations have smaller demand for goods and services, larger populations lead to higher demand. -
What factors influence individual preferences that impact demand?
• Preferences are influenced by factors like weather, information, and fashion.
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