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Limits,
Alterna.ves,
and
Choices
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Chapter Objectives
LO1
Economics
dened
Microeconomics
vs.
macroeconomics
Role
of
economic
theory
Produc<on
possibili<es
model
1-2
Economics
Problems
Economic
wants
exceed
societys
produc<ve
capacity
Economics
A
social
science
concerned
with
making
op<mal
choices
under
condi<ons
of
scarcity
LO1
1-3
LO1
1-4
LO1
1-5
Purposeful Behavior
LO1
Ra<onal
self-interest
Individuals
and
u<lity
Firms
and
prot
Desired
outcome
1-6
Marginal Analysis
LO1
Marginal
benet
Marginal
cost
Marginal
means
extra
Comparison
between
marginal
benet
and
marginal
cost
1-7
LO3
1-8
LO2
1-9
LO5
1-10
LO5
1-11
1-12
Pizzas
Industrial Robots
10
Type of Product
(in thousands)
1-13
Industrial robots
LO6
14
13
12
11
10
9
8
7
6
5
4
3
2
1
UnaTainable
W
C
D
ATainable
E
0
1
2
3
4
5
6
7
8
9
Pizzas
Q
1-14
A Growing Economy
Produc.on
Alterna.ves
A'
B'
C'
D'
E'
Pizzas
Industrial Robots
14
12
Type of Product
(in thousands)
LO7
1-15
Industrial robots
Economic growth
LO7
14
13
12
11
10
9
8
7
6
5
4
3
2
1
A
B
UnaTainable
A
B
C
C
D
D
Now aTainable
ATainable
E
0
1
2
3
4
5
6
7
8
9
Pizzas
E
1-16
Consequences
of
unemployment
Economic
growth
More
resources
Be`er
quality
resources
Technological
advances
Specializa<on
and
interna<onal
trade
LO7
1-17
Future
Curve
Current
curve
Presentville
LO7
Future
Curve
Current
curve
Futureville
1-18