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Summary Mankiw
| |
|Microeconomics |
|N. Gregory Mankiw |
| |
| |
|Inga Oswald |
|Semester I 2010/2011 |

| |

Part 1 - Introduction

Chapter 1 – The Principles of Economics

Scarcity = the limited nature of society's resources

Economics = the study of how society manages its scarce resources

• “Economy” is Greek for “managing a household”

HOW PEOPLE MAKE DECISIONS

1. People Face Tradeoffs Making decisions requires trading off one goal against another. (Es geht um Kompromisse; man opfert eine Alternative um der anderen Willen)

A classic tradeoff is between “guns and butter” (military vs. living standard) • Leisure time vs. work • Food vs. clothing • Efficienty vs. equity . Efficiency = the property of society getting the most it can from its scarce resources.

Equity = the property
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