ECON 102 Lecture Notes - Lecture 12: Autarky, Business Cycle, Microeconomics

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9 Jul 2020
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Principle #2: the cost of something is what you give up to get it. Principle #3: rational people think at the margin. Principle #5: trade can make everyone better off. Principle #6: markets are usually a good way to organize economic activity. Principle #7: governments can sometimes improve market outcomes. Principle #8: a country"s standard of living depends on its ability to produce goods and services. Principle #9: prices raise as the government prints too much money. Principle #10: society faces a short-run trade-off between inflation and unemployment. Brain-drain the best educated often leave to go to other countries where they can enjoy a higher standard of living. Budget deficit a shortfall of tax revenue from government spending. Budget surplus an excess of tax revenue over government spending. Business cycle the fluctuation in economic activity, such as employment or production.

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