By Arthur O'Sullivan, Steven Sheffrin, Stephen Perez
Questions that force curiosity, functions that illustrate recommendations, and the instruments to check and solidify comprehension.
Students come into their first Economics direction pondering they're going to achieve a greater realizing of the financial system round them. regrettably, they generally go away with many unanswered questions. to make sure scholars actively internalize economics, O'Sullivan/Sheffrin/Perez use chapter-opening inquiries to spark curiosity on very important monetary innovations, purposes that vividly illustrate these thoughts, and chapter-ending instruments that attempt and solidify knowing.
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Additional resources for Macroeconomics: Principles, Applications and Tools
You will encounter marginal thinking throughout this book. Here are some other marginal questions: • If I keep my barbershop open one more hour, by how much will my revenue increase? • If I stay in school and earn another degree, by how much will my lifetime earnings increase? • If a car dealer hires one more sales associate, how many more cars will the dealer sell? As we’ll see in the next chapter, economists use the answer to a marginal question as a first step in deciding whether to do more or less of something, for example, whether to keep your barbershop open one more hour.
The recent experience of sub-Saharan Africa is somewhat puzzling because in the last few decades the region has expanded educational opportunities and received large amounts of foreign aid. 3 In sub-Saharan Africa, a simple legal dispute about a small debt takes about 30 months to resolve, compared to 5 months in the United States. In Mozambique, it takes 174 days to complete the procedures required to set up a business, compared to just 2 days in Canada. In many cases, institutions impede rather than encourage the sort of investment and risk taking—called entrepreneurship—that causes economic growth and reduces poverty.
The notion of opportunity cost allows us to measure this trade-off. PRINCIPLE OF OPPORTUNITY COST The opportunity cost of something is what you sacrifice to get it. In most decisions we choose from several alternatives. For example, if you spend an hour studying for an economics exam, you have one less hour to pursue other activities. To determine the opportunity cost of an activity, we look at what you consider the best of these “other” activities. For example, suppose the alternatives to studying economics are studying for a history exam or working in a job that pays $10 per hour.