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By N. Gregory Mankiw

In penning this textbook, Mankiw has attempted to place himself within the place of somebody seeing economics for the 1st time. The author's conversational writing type is excellent for proposing the politics and technological know-how of financial theories to tomorrow's decision-makers. simply because Mankiw wrote it for the scholars, the publication stands proud between all different rules texts via encouraging scholars to use an financial mind set of their day-by-day lives. Receiving this sort of compliment as "perhaps the easiest ever" textbook in monetary ideas, it is no ask yourself Mankiw's prize venture has quick develop into the most winning books ever to be released within the university market.

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Extra resources for Ten principles of economics

Example text

Here the farmer faces a tradeoff between producing meat and producing potatoes. You may recall that the production possibilities frontier in Chapter 2 was drawn bowed out; in this case, the tradeoff between the two goods depends on the amounts being produced. Here, however, the farmer’s technology for producing meat and potatoes (as summarized in Table 3-1) allows him to switch between one good and the other at a constant rate. In this case, the production possibilities frontier is a straight line.

Economists who advise policymakers offer conflicting advice either because of differences in scientific judgments or because of differences in values. At other times, economists are united in the advice they offer, but policymakers may choose to ignore it. Key Concepts circular-flow diagram, p. 23 production possibilities frontier, p. 25 microeconomics, p. 27 macroeconomics, p. 27 positive statements, p. 29 normative statements, p. 29 Questions for Review 1. How is economics like a science? 2.

Table 3-3 shows the opportunity cost of meat and potatoes for the two producers. Notice that the opportunity cost of meat is the inverse of the opportunity cost of potatoes. Because 1 pound of potatoes costs the rancher 8 pounds of meat, 1 pound of meat costs the rancher 1/8 pound of potatoes. Similarly, because 1 pound of potatoes costs the farmer 1/2 pound of meat, 1 pound of meat costs the farmer 2 pounds of potatoes. Economists use the term comparative advantage when describing the opportunity cost of two producers.

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