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% Document Info
\author{mgxx2004 (mgrawahi)}
\pdfinfo{
  /Title (introduction-to-economics.pdf)
  /Creator (Cheatography)
  /Author (mgxx2004 (mgrawahi))
  /Subject (Introduction to Economics 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{Introduction to Economics Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{mgxx2004 (mgrawahi)} via \textcolor{DarkBackground}{\uline{cheatography.com/197440/cs/41650/}}}
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}mgxx2004 (mgrawahi) \\
  \uline{cheatography.com/mgrawahi} \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Published 28th March, 2024.\\
   Updated 13th December, 2023.\\
   Page {\thepage} of \pageref{LastPage}.
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  Measure your website readability!\\
  www.readability-score.com
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Definitions}}  \tn
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{\bf{Economics}} & the study of how society manages its scarce (limited) resources. \tn 
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{\bf{Scarcity}} & the limited nature of society's resources. \tn 
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Resources Allocation}}  \tn
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\mymulticolumn{2}{x{5.377cm}}{Economic systems can be viewed as:} \tn 
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{\bf{1. Command/Centrally Planned Economy}} & the government makes all the pricing and allocation decisions. \tn 
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{\bf{2. Market \seqsplit{Economy/Laissez-faire} Economy (free market)}} & prices and allocation decisions are determined by the market forces. \tn 
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{\bf{3. Mixed Economy}} & an economy that uses both market \& non-market signals in allocating goods and resources. \tn 
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{\bf{1. Microeconomics}} & the study of how households and firms make decisions and how they interact in markets. \tn 
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{\bf{2. Macroeconomics}} & the study of economy-wide phenomena (ex. Inflation, unemployment, and economic growth). \tn 
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Economic Statements}}  \tn
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{\bf{1. Positive Statement (positive economics)}} & claims that attempt to describe the world as it is; factual. \tn 
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{\bf{2. Normative Statement (normative economics)}} & claims that attempt to prescribe how the world should be; what should be. \tn 
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\mymulticolumn{2}{x{5.377cm}}{{\emph{When economists make {\bf{normative statements}}, they act more as {\bf{policy advisors}} than as scientists.}}} \tn 
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{\bf{Free Good}} & a good that is not scarce, and is available without a limit. \tn 
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{\bf{Economic Surplus}} & the difference between the benefit of taking an action minus its cost. \tn 
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{The Scarcity Principle (no-free-lunch principle)}}  \tn
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\mymulticolumn{2}{x{5.377cm}}{"Having more of one thing means having less of another thing."} \tn 
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 & - scarcity is not only limited to money. \tn 
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\mymulticolumn{2}{x{5.377cm}}{a method for assessing the desirability of a project taking into account the costs and benefits involved.} \tn 
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 & - a decision is only taken if the benefits exceeds the cost. \tn 
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\mymulticolumn{2}{x{5.377cm}}{the cost expressed in terms of the best alternative foregone.} \tn 
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Implicit Costs & what you give up. \tn 
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Explicit Costs & what you opt for. \tn 
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\mymulticolumn{2}{x{5.377cm}}{Opportunity costs are {\bf{unique}} to {\bf{economists}}, financial accountants only recognise {\bf{explicit costs}}.} \tn 
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% That's all folks
\end{multicols*}

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