AP_Krugman_Textbook
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The annual meeting of the American Economic Associa- tion draws thousands of economists, young and old, fa- mous and obscure. Th ...
What you will learn in this Module: 2 sectionI Basic Economic Concepts How scarcity and choice are central to the study of econ ...
module 1 The Study of Economics 3 Section I Basic Economic Concepts keep the resulting profits. High prices and profits provide ...
them to emerge as the result of many individual choices. For example, there are only so many hours in a week, and Americans must ...
star LeBron James bypassed college because the opportunity cost would have included his $13 million contract with the Cleveland ...
Positive Versus Normative Economics Economic analysis, as we will see throughout this book, draws on a set of basic eco- nomic p ...
Suppose that policies A and B achieve the same goal, but policy A makes everyone better off than policy B—or at least makes some ...
costs and focus on how the proposed law would change individual savings behavior. This economist might point to studies suggesti ...
module 1 The Study of Economics 9 Section I Basic Economic Concepts Define resources, and list the four categories of resources ...
What you will learn in this Module: 10 section I Basic Economic Concepts What a business cycle is and why policy makers seek to ...
there have been 11 recessions in the United States since World War II. During that pe- riod the average recession has lasted 10 ...
Employment, Unemployment, and the Business Cycle Although not as severe as a depression, a recession is clearly an undesirable e ...
Both inflation and deflation can pose problems for the economy. Inflation discour- ages people from holding on to cash, because ...
Economic growth is fundamental to a nation’s prosperity. A sustained rise in out- put per person allows for higher wages and a r ...
module 2 Introduction to Macroeconomics 15 Section I Basic Economic Concepts Module 2 AP Review Check Your Understanding Tackle ...
What you will learn in this Module: 16 section I Basic Economic Concepts The importance of trade-offs in economic analysis What ...
production. The curve shows the maximum quantity of fish Tom can catch during a week giventhe quantity of coconuts he gathers, a ...
too small for the number of students—some may be forced to sit on the floor or stand—despite the fact that a larger classroom ne ...
Opportunity Cost The production possibilities curve is also useful as a reminder that the true cost of any good is not only its ...
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