Micro & Macro. Chapter 1 【Ten Principles of Economics】

1. Understanding opportunity cost
You work as an assistant coach on the university basketball team and earn $13 per hour. One day, you decide to skip the hour-long practice and, instead, go..

2. Determining opportunity cost
Juanita is deciding whether to buy a suit that she wants, as well as where to buy it. Three stores carry the same suit, but it is more convenient for Juanita..

3. A decision at the margin
Nick is a hard-working college junior. One Sunday, he decides to work nonstop until he has answered 250 practice problems for his physics cour..

4. Scarcity, opportunity cost, and marginal analysis
Dmitri is training for a triathlon, a timed race that combines swimming, biking, and running..

5. Distribution systems and incentives
Suppose that in the hypothetical country of Vanadia, picture frames are distributed to whoever is willing to pay the most..

6. The interaction of individual choices
People in the U.S. state of Iowa eat both corn and potatoes. It is technically possible for farmers to grow both corn and potatoes in Iowa..

7. Inflation and unemployment
Suppose that, in an attempt to combat severe unemployment, the government decides to increase the amount of money in circulation in the economy..