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% Document Info
\author{Nicolas (embrassedpotato7)}
\pdfinfo{
  /Title (econ-20a.pdf)
  /Creator (Cheatography)
  /Author (Nicolas (embrassedpotato7))
  /Subject (Econ 20A Cheat Sheet)
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        \hspace*{-6pt}\includegraphics[width=5.8cm]{/web/www.cheatography.com/public/images/cheatography_logo.pdf}}
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    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Econ 20A Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{Nicolas (embrassedpotato7)} via \textcolor{DarkBackground}{\uline{cheatography.com/144982/cs/31187/}}}
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}Nicolas (embrassedpotato7) \\
  \uline{cheatography.com/embrassedpotato7} \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Not Yet Published.\\
   Updated 15th March, 2022.\\
   Page {\thepage} of \pageref{LastPage}.
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  Measure your website readability!\\
  www.readability-score.com
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\mymulticolumn{1}{x{17.67cm}}{\bf\textcolor{white}{Week 1}}  \tn
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\begin{tabularx}{17.67cm}{x{1.647 cm} x{4.6116 cm} x{5.1057 cm} x{5.1057 cm} }
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\mymulticolumn{4}{x{17.67cm}}{\bf\textcolor{white}{Economics and Scracity}}  \tn
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\seqsplit{economics} & the study of how society manages its scarce, or limited, resources. & Economics studies all of these forces – decision making by individuals, by firms, by government \seqsplit{institutions} & Focus is on how markets operate to allocate scarce resources \tn 
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\seqsplit{Scarcity} & {\bf{Dictators}} (since they might not know much about economics, it would likely fail) and {\bf{government}} (have advisors to help plan) decide allocation & allocations work through the \seqsplit{interactions} of all these people through markets &  \tn 
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\mymulticolumn{4}{x{17.67cm}}{from Week 1}  \tn 
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\mymulticolumn{4}{x{17.67cm}}{\bf\textcolor{white}{Basic Principles of Microeconomics}}  \tn
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\seqsplit{Microeconomics} & The study of how households and firms make decisions and interact in markets. &  &  \tn 
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\seqsplit{Macroeconomics} & The study of how economy wide phenomena including inflation, \seqsplit{unemployment} and economic growth. &  &  \tn 
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\mymulticolumn{4}{x{17.67cm}}{{\emph{How People Make Decisions}}} \tn 
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 & Principle 1 & People face trade-offs &  \tn 
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 & Principle 2 & Opportunity Cost & the cost of something is what you give up to get \tn 
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 & Principle 3 & People think at the margin &  \tn 
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 & Principle 4 & People respond to incentives & Government policies have incentives, sometimes unintended. Sometimes don't work as intended. \tn 
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\mymulticolumn{4}{x{17.67cm}}{\bf\textcolor{white}{Basic Principles of Microeconomics (cont)}}  \tn
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\mymulticolumn{4}{x{17.67cm}}{{\emph{How People Interact}}} \tn 
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 & Principle 5 & Trade can make everyone better off &  \tn 
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 & Principle 6 & Markets are usually a good way to organize economic activity &  \tn 
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 & Principle 7 & Sometimes governments can improve market outcomes &  \tn 
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\mymulticolumn{4}{x{17.67cm}}{{\emph{How the Economy Works}}} \tn 
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 & Principle 8 & A country's standard of living depends on its ability to produce goods and services &  \tn 
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 & Principle 9 & Prices rise when the government prints too much money & {\bf{inflation}}: an increase in the overall level of prices in the economy \tn 
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 & Principle 10 & Society faces a short-run trade-off between inflation and \seqsplit{unemployment} &  \tn 
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\seqsplit{Absolute} \seqsplit{Advantage} & ability to produce more of a good, given inputs, then another producer &  \tn 
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\seqsplit{Comparative} \seqsplit{Advantage} & the ability to produce a good at a lower opportunity cost than another producer & better to specialize in whatever makes makes your opportunity cost the least \tn 
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\mymulticolumn{1}{x{17.67cm}}{Remember to notice what makes that demand relationship change, i.e. the forces that would make someone want more of a good at any given price.}  \tn 
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\mymulticolumn{1}{x{17.67cm}}{a situation in which the market price has reached the level at which quantity supplied = quantity demanded} \tn 
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1 & Decide whether it is: supply, demand, or both. \tn 
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2 & Decide in which direction curve shifts \tn 
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3 & Use demand-supply graph to evaluate change. \tn 
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- & An increase in demand. \tn 
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- & An increase in supply. \tn 
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- & An increase in both demand and supply \tn 
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