A little information about Macro Economics.

Economic surplus: the make headway of taking an save minus its bes. Opportunity cost: the value of the next-best alternative that must(prenominal) be foregone in order to undertake an use drop down cost: a cost that is beyond recovery at the moment a decision must be made. bonnie benefit: the total benefit of undertake an activity carve up by the units of the activity. Average cost: the total cost of trade union movement an activity divided by the units of the activity. bare(a) benefit: the spare benefit from undertaking one more(prenominal) unit of an activity. Marginal cost: the extra cost from undertaking one more unit of an activity. Absolute avail: one person has an compulsive service over some other(prenominal) if he or she takes fewer hours to pay off a labor movement than the other person. Absolute favor: one person has an absolute advantage over another if he or she takes fewer hours to perform a occupation than the other person. The Principle of Compa rative reward: Everyone does best when all(prenominal) person (or each country) concentrates on the activities for which his or her opportunity cost is lowest. Production possibilities curve: a graph that describes the maximum descend of one best that can be produced for either practical level of production of the other good. Attainable point: all(prenominal) combination of goods that can be produced using before considerable acquirable resources.

Unattainable point: every combination of goods that cannot be produced using shortly usable resources. Inefficient point: some(prenominal) combination of goods for which currently available resources enable an increase in the producti on of one good without a reduction in the pr! oduction of the other. Efficient point: any combination of goods for which currently available resources do not spare an increase in the production of one good without a reduction in the production of the other. Standard of living: the degree... If you want to rent a full essay, order it on our website: OrderEssay.net

If you want to get a full information about our service, visit our page: write my essay