Macro_Chapter_2_study_guide_13e

Macro_Chapter_2_study_guide_13e - ECO 2013 Principles of...

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Unformatted text preview: ECO 2013 Principles of Macroeconomics Chapter 2 Some Tools of the Economist 6 Learning Goals: #1 - Define and recognize examples of opportunity costs. Chapter heading: What Shall We Give Up? Key term: Opportunity cost-___________________________________________________________ LeBron James would have incurred a large opportunity cost from going to college. What is your opportunity cost of going to college? ________________________________________ ___________________________________________________________________________ Can opportunity costs be objectively measured? Why or Why not? ____________________ ___________________________________________________________________________ #2 - Discern why voluntary trade creates value. Chapter heading: Trade Creates Value Key term: Transactions costs- __________________________________________________________ What are the two important aspects of voluntary exchange? 1.______________ __________________________________________________________ _ 2._____________ ___________________________________________________________ _ How do transactions costs decrease the benefits of voluntary exchange?...
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Macro_Chapter_2_study_guide_13e - ECO 2013 Principles of...

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