AP Micro 1 by Savannah Julius https://padlet.com/8juliuss/apmicro1 Principles of Microeconomics en-us 2017-09-07 21:49:23 UTC 2025-12-29 00:05:15 UTC hello@padlet.com http://chourishi.in/wp-content/uploads/2017/03/number_10_neon4001.jpg Quizlet 8juliuss https://padlet.com/8juliuss/apmicro1/wish/186380241 https://quizlet.com/_3nya9q]]> 2017-09-11 14:10:19 UTC https://padlet.com/8juliuss/apmicro1/wish/186380241 8juliuss https://padlet.com/8juliuss/apmicro1/wish/186380580 1. People Face Trade-Offs
2. The cost of something is what you give up to get it
3. Rational people think at the margin
4. People respond to incentives
5. Trade can make everyone better off
6. Markets are usually a good way to organize economic activity
7. Governments can sometimes improve market outcomes
8. A country's standard of living depends on its ability to produce goods and services
9. Prices rise when the government prints too much money
10. Society faces a short-run trade-off between inflation and unemployment]]> 2017-09-11 14:10:51 UTC https://padlet.com/8juliuss/apmicro1/wish/186380580 Principle 1: People Face Trade-offs 8juliuss https://padlet.com/8juliuss/apmicro1/wish/186382448 efficiency
equity]]> 2017-09-11 14:14:09 UTC https://padlet.com/8juliuss/apmicro1/wish/186382448 Principle 2: The cost of something is what you give up to get it 8juliuss https://padlet.com/8juliuss/apmicro1/wish/186382687 opportunity cost
  • implicit cost
  • explicit cost
]]> 2017-09-11 14:14:30 UTC https://padlet.com/8juliuss/apmicro1/wish/186382687 Principle 3: Rational people think at the margin 8juliuss https://padlet.com/8juliuss/apmicro1/wish/186383742 rational people 
marginal changes]]> 2017-09-11 14:16:20 UTC https://padlet.com/8juliuss/apmicro1/wish/186383742 Principle 4: people respond to incentives 8juliuss https://padlet.com/8juliuss/apmicro1/wish/186383883 incentive]]> 2017-09-11 14:16:38 UTC https://padlet.com/8juliuss/apmicro1/wish/186383883 Principle 5 8juliuss https://padlet.com/8juliuss/apmicro1/wish/186384327 2017-09-11 14:17:27 UTC https://padlet.com/8juliuss/apmicro1/wish/186384327 Principle 6: Markets are usually a good way to organize economic activity 8juliuss https://padlet.com/8juliuss/apmicro1/wish/186384363 market economy
the "invisible hand" theory]]> 2017-09-11 14:17:31 UTC https://padlet.com/8juliuss/apmicro1/wish/186384363 Principle 7: Governments can sometimes improve market outcomes 8juliuss https://padlet.com/8juliuss/apmicro1/wish/186384788 market failure
  • externality
  • market power

]]> 2017-09-11 14:18:20 UTC https://padlet.com/8juliuss/apmicro1/wish/186384788 Principle 8: A country's standard of living depends on its ability to produce goods and services 8juliuss https://padlet.com/8juliuss/apmicro1/wish/186385365 productivity]]> 2017-09-11 14:19:20 UTC https://padlet.com/8juliuss/apmicro1/wish/186385365 Principle 9: Prices rise when the government prints too much money 8juliuss https://padlet.com/8juliuss/apmicro1/wish/186385695 inflation]]> 2017-09-11 14:20:02 UTC https://padlet.com/8juliuss/apmicro1/wish/186385695 Principle 10 8juliuss https://padlet.com/8juliuss/apmicro1/wish/186385944 2017-09-11 14:20:35 UTC https://padlet.com/8juliuss/apmicro1/wish/186385944 trade-off between efficiency and equity 8juliuss https://padlet.com/8juliuss/apmicro1/wish/186386342 efficient markets do not ensure equality]]> 2017-09-11 14:21:23 UTC https://padlet.com/8juliuss/apmicro1/wish/186386342 incentives influence our behavior and our choices 8juliuss https://padlet.com/8juliuss/apmicro1/wish/186386666 2017-09-11 14:21:56 UTC https://padlet.com/8juliuss/apmicro1/wish/186386666 voluntary exchange (trade) makes everyone better off 8juliuss https://padlet.com/8juliuss/apmicro1/wish/186386871 gains happen when benefits > cost 

... cost-benefit analysis]]> 2017-09-11 14:22:17 UTC https://padlet.com/8juliuss/apmicro1/wish/186386871 market prices reflect relative scarcity 8juliuss https://padlet.com/8juliuss/apmicro1/wish/186387550 2017-09-11 14:23:30 UTC https://padlet.com/8juliuss/apmicro1/wish/186387550 the "Invisible Hand" idea 8juliuss https://padlet.com/8juliuss/apmicro1/wish/186387794 1. households and firms do what's best for themselves and do what's best for society
2. minimal government intervention

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unintended social benefits of individual self-interested actions]]> 2017-09-11 14:23:56 UTC https://padlet.com/8juliuss/apmicro1/wish/186387794 Governments intervene in market economies to... 8juliuss https://padlet.com/8juliuss/apmicro1/wish/186388476 1. promote efficiency
2. promote equity

NOT THE SAME THING]]> 2017-09-11 14:25:12 UTC https://padlet.com/8juliuss/apmicro1/wish/186388476 markets fail because of externalities or market power 8juliuss https://padlet.com/8juliuss/apmicro1/wish/186388774 2017-09-11 14:25:44 UTC https://padlet.com/8juliuss/apmicro1/wish/186388774 higher productivity = higher standard of living 8juliuss https://padlet.com/8juliuss/apmicro1/wish/186389039 2017-09-11 14:26:12 UTC https://padlet.com/8juliuss/apmicro1/wish/186389039 primary cause of inflation is the growth in the quantity of money 8juliuss https://padlet.com/8juliuss/apmicro1/wish/186389108 2017-09-11 14:26:20 UTC https://padlet.com/8juliuss/apmicro1/wish/186389108 inflation and unemployment 8juliuss https://padlet.com/8juliuss/apmicro1/wish/186389556 as unemployment rates increases, prices fall (inflation decreases)

as inflation increases, unemployment rates decreases

INVERSES]]> 2017-09-11 14:27:10 UTC https://padlet.com/8juliuss/apmicro1/wish/186389556