1. When an economist points out that you and millions of other people are interdependent, he or
she is referring to the fact that we all
rely upon the government to provide us with the basic necessities of life.
rely upon one another for t
Assume that Andia and Zardia can switch between producing wheat and
producing beef at a constant rate.
Minutes Needed to Make
_ 1. Andia should specialize in the production of
a. wheat and Zardia s
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Experimental field test of proposed antidart-out
training programs. Volume 1. Conduct and results.
Ichikawa M, Chadbunchachai W, Marui E. Effect of
the helmet act for motorcyclists in Thailand.
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motorcycle helmet law on traumatic brain injuries.
Transport Safety Council, Post Impact Care Working
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hour: scientific fact or medical urban legend.
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233.Hauswald M, Yeoh E. Designing a pre-hospital
system for a developing country:
_ 1. A market demand curve shows
a. the relationship between price and the number of buyers in a market.
b. how quantity demanded changes when the number of sellers
c. the sum of all prices that individual buyers are willing and able to pay
Ability of an individual to own and exercise control over scarce resources
Situation in which the market left on its own fails to allocate resources
Impact of one persons ac
The study of how households and firms make decisions and how they
interact in markets
The study of economy-wide phenomena, including inflation,
unemployment, and economic growth
The Economist as Policy Adviser
Positive vs. No
Perception vs. Reality
Adversely affects availability and quality of housing
Costly way of helping the neediest members of society
Many cities use rent control
Trade barriers (tariffs and import quotas)
Economists oppose it
Graphing: a brief revie
The Economist as a Scientist
Diagrams and equations
Omit many details
Allow us to see whats truly important
Built with assumptions
Simplify reality to improve our understanding of it
Visual model of the economy
Ten Principles of Economics
Economy, oikonomos (Greek)
One who manages a household
Households and economies have much in common
Households face many decisions
Allocate scarce resources
Ability, effort, and desire
Society faces many decisions
Thinking Like an Economist
Analyze these data
Verify or refute their theories
Dispassionate development and testing of theories about how the
Observation, theory, more observ