This Is Study Notes For (The Economy Today 8e, By Schiller) Principles Of Economics I Chapters 1 12 Most Notes Straight From The Book

9680 words - 39 pages

Chapter 1: Economics: The Core IssuesScarcity exists because of the imbalance between our desires and available resources, forces us to make economic choices, and implies the need to use resources efficiently.Scarcity exists because of a lack of enough resources to satisfy all desired uses of those resources.Scarcity implies that an increase in law enforcement services produced in a given year will decrease the amount of other goods and services that can be produced that year.As a result of scarcity no matter what one has, it is never enough, getting more of one thing means less of something else, and there is no such thing as a "free lunch."The assertion that "There is no such thing as a free lunch" means that there are tradeoffs whenever a decision is made.Suzie is thinking about going to a movie tonight. Tickets cost $8 and she will have to cancel a babysitting job that pays $25. The cost of going to the movie is $33.If a nation is faced with scarcity this means the nation is unable to have as much as it would like to have.Ingredients for economic growth include capital (plant and equipment) accumulation, growth in technology, and investment in education and skill enhancement programs.These events would create economic growth: The economy's capital stock grows, Technology improves, and Workers become more educated and skilled.* The following statements are true given the information provided in the following production possibilities table. The combination of 14 units of corn and 4 units of wheat is currently unobtainable.* If the following production possibility table were graphed, then the graph would be downward sloping and bow out away from the origin.* Consider the following production possibilities table. The opportunity cost of one unit of wheat:When moving from production possibility B to C is 4 units of corn.Production Possibility A Production Possibility B Production Possibility C Production Possibility D Production Possibility ECorn production 20 18 14 8 0Wheat production 0 1 2 3 4The market mechanism allows buyers and producers to communicate indirectly.The market mechanism relies on market prices and sales to signal desired outputs.A major challenge for all societies in allocating goods and resources is to strike a balance between the use of the market mechanism and government directives in economic affairs.An inverse (or negative) relationship exists between two variables when as one goes up in value, the other goes down.If there is a direct or positive relationship between two variables, this means that a(n) increase in the value of one variable will cause an increase in the value of the other.If the value of X increases and there is no change in the value of Y, then we can conclude there is no relationship (or correlation) between these two variables.If there is a negative (inverse) relationship between price and quantity, then the graph will be downward sloping (negatively sloped).If the quantity supplied (the quantity put up...

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