Micro Economics Notes - Micro Economics Notes(Chapters...

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Micro Economics Notes: September 12, 2016 (Chapters 1&2) (Reading Notes) -Incentive is a reward the encourages an action, or discourages a negative action -Microeconomics is the study of choices that individuals/businesses make -How do choices end up determining what, how, and for whom goods and services are produced? -Do choices made in pursuit of self-interest also promote social interest? -Every choice is a tradeoff -PPF (Production Possibilities Frontier) is the boundary between the combination of goods that can be produce and those that cannot -Production efficiency is achieved by producing goods at the lowest possible price -The marginal benefit from a good or service is the benefit received from consuming one more unit of it -Technological change is the development of new goods and of better ways of producing goods and services -Capital accumulation is the growth of capital resources, including human capital -A person has a comparative advantage in an activity if that person can perform the
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