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Boundless Lecture Slides

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  1. Boundless Lecture Slides Available on the Boundless Teaching Platform Free to share, print, make copies and changes. Get yours at www.boundless.com

  2. Using Boundless Presentations Boundless Teaching Platform Boundless empowers educators to engage their students with affordable, customizable textbooks and intuitive teaching tools. The free Boundless Teaching Platform gives educators the ability to customize textbooks in more than 20 subjects that align to hundreds of popular titles. Get started by using high quality Boundless books, or make switching to our platform easier by building from Boundless content pre-organized to match the assigned textbook. This platform gives educators the tools they need to assign readings and assessments, monitor student activity, and lead their classes with pre-made teaching resources. Get started now at: • The Appendix The appendix is for you to use to add depth and breadth to your lectures. You can simply drag and drop slides from the appendix into the main presentation to make for a richer lecture experience. http://boundless.com/teaching-platform • Free to edit, share, and copy Feel free to edit, share, and make as many copies of the Boundless presentations as you like. We encourage you to take these presentations and make them your own. If you have any questions or problems please email: educators@boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com

  3. About Boundless • Boundless is an innovative technology company making education more affordable and accessible for students everywhere. The company creates the world’s best open educational content in 20+ subjects that align to more than 1,000 popular college textbooks. Boundless integrates learning technology into all its premium books to help students study more efficiently at a fraction of the cost of traditional textbooks. The company also empowers educators to engage their students more effectively through customizable books and intuitive teaching tools as part of the Boundless Teaching Platform. More than 2 million learners access Boundless free and premium content each month across the company’s wide distribution platforms, including its website, iOS apps, Kindle books, and iBooks. To get started learning or teaching with Boundless, visit boundless.com. Free to share, print, make copies and changes. Get yours at www.boundless.com

  4. The Study of Economics Principles of Economics Individual Decision Making Interaction of Individuals, Firms, and Societies Basic Economic Questions ] Economic Models Principles of Economics Free to share, print, make copies and changes. Get yours at www.boundless.com

  5. Differences Between Macroeconomics and Microeconomics Principles of Economics(continued) ] Principles of Economics Free to share, print, make copies and changes. Get yours at www.boundless.com

  6. Principles of Economics > The Study of Economics The Study of Economics • The Magic of the Economy • Is Economics a Science? Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/boundless-economics-textbook/principles-of-economics-1/the-study-of-economics-39/

  7. Principles of Economics > Individual Decision Making Individual Decision Making • Scarcity Leads to Tradeoffs and Choice • Individuals Face Opportunity Costs • Individuals Make Decisions at the Margins • Individuals Respond to Incentives Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/boundless-economics-textbook/principles-of-economics-1/individual-decision-making-40/

  8. Principles of Economics > Interaction of Individuals, Firms, and Societies Interaction of Individuals, Firms, and Societies • Introducing the Firm • Trade Leads to Gains • Thinking about Efficiency • The Function and Nature of Markets • Markets are Typically Efficient • Government Intervention May Fix Inefficient Markets • Full Economy Interactions Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/boundless-economics-textbook/principles-of-economics-1/interaction-of-individuals-firms-and-societies-41/

  9. Principles of Economics > Basic Economic Questions Basic Economic Questions • Production Outputs • Production Inputs and Process • Production Recipients • Differences Between Centrally Planned and Market Economies • Mixed Economies Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/boundless-economics-textbook/principles-of-economics-1/basic-economic-questions-42/

  10. Principles of Economics > Economic Models Economic Models • Math Review • Assumptions • Hypotheses and Tests • Economic Models • Normative and Positive Economics Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/boundless-economics-textbook/principles-of-economics-1/economic-models-43/

  11. Principles of Economics > Differences Between Macroeconomics and Microeco... Differences Between Macroeconomics and Microeconomics • Macroeconomics • Microeconomics • Key Differences Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/boundless-economics-textbook/principles-of-economics-1/differences-between-macroeconomics-and-microeconomics-44/

  12. Appendix Free to share, print, make copies and changes. Get yours at www.boundless.com

  13. Principles of Economics Key terms • aggregateA mass, assemblage, or sum of particulars; something consisting of elements but considered as a whole. • assumptionThe act of taking for granted, or supposing a thing without proof; a supposition; an unwarrantable claim. • autonomySelf-government; freedom to act or function independently. • average total costAverage cost or unit cost is equal to total cost divided by the number of goods produced (the output quantity, Q). It is also equal to the sum of average variable costs (total variable costs divided by Q) plus average fixed costs (total fixed costs divided by Q). • capitalAlready-produced durable goods available for use as a factor of production, such as steam shovels (equipment) and office buildings (structures). • Centrally planned economyWhen the government is responsible for setting the amount produced. • circular flowA model of market economy that shows the flow of dollars between households and firms. • consumer surplusThe difference between the maximum price a consumer is willing to pay and the actual price they do pay. • consumer surplusThe difference between the maximum price a consumer is willing to pay and the actual price they do pay. • deductiveBased on inferences from general principles. • deflationA decrease in the general price level, that is, in the nominal cost of goods and services. • diagnosticsThe process of determining the state of or capability of a component to perform its function(s). Free to share, print, make copies and changes. Get yours at www.boundless.com

  14. Principles of Economics • equilibriumThe condition of a system in which competing influences are balanced, resulting in no net change. • externalityAn impact, positive or negative, on any party not involved in a given economic transaction or act. • externalityAn impact, positive or negative, on any party not involved in a given economic transaction or act. • firmA business enterprise, however organized. • fixed costsA cost of business which does not vary with output or sales; overheads. • free riderOne who obtains benefit from a public good without paying for it directly. • hypothesisAn assumption taken to be true for the purpose of argument or investigation. • incentiveSomething that motivates an individual to perform an action. • Incentive StructureThe cumulative set of promised rewards and/or punishments that encourage actors to make a set of decisions. • increasing returns to scaleThe characteristic of production in which output increases by more than the proportional increase in inputs. • inflationAn increase in the general level of prices or in the cost of living. • inflationAn increase in the general level of prices or in the cost of living. Free to share, print, make copies and changes. Get yours at www.boundless.com

  15. Principles of Economics • inflationAn increase in the general level of prices or in the cost of living. • inputSomething fed into a process with the intention of it shaping or affecting the outputs of that process. • laborThe workers used to manufacture the output. • MacroeconomicsThe study of the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. • MacroeconomicsThe study of the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. • marginal benefitThe additional benefit from taking a course of action. • marginal costThe increase in cost that accompanies a unit increase in output; the partial derivative of the cost function with respect to output. Additional cost associated with producing one more unit of output. • marginal costThe additional cost from taking a course of action. • market economyAn economy in which goods and services are exchanged in a free market, as opposed to a state-controlled or socialist economy; a capitalistic economy. • market economyAn economy in which goods and services are exchanged in a free market, as opposed to a state-controlled or socialist economy; a capitalistic economy. • microeconomicsThat field that deals with the small-scale activities such as that of the individual or company. • microeconomicsThe study of the behavior of individual households and firms in making decisions on the allocation of limited resources. Free to share, print, make copies and changes. Get yours at www.boundless.com

  16. Principles of Economics • mixed economyA system in which both the state and private sector direct the economy, reflecting characteristics of both market economies and planned economies. • monopolyA market where one company is the sole supplier. • normative economicsEconomic thought in which one applies moral beliefs, or judgment, claiming that an outcome is "good" or "bad". • Opportunity costThe value of the best alternative forgone. • Opportunity CostsThe value of the best alternative forgone, in a situation in which a choice needs to be made between several mutually exclusive alternatives given limited resources. • Pareto efficiencyThe state in which no one can be made better off by making another worse off. • positive economicsThe description and explanation of economic phenomena and their causal relationships. • producer surplusThe amount that producers benefit by selling at a market price that is higher than the lowest price at which they would be willing to sell. • producer surplusThe amount that producers benefit by selling at a market price that is higher than the lowest price at which they would be willing to sell. • public goodA good that is both non-excludable and non-rivalrous in that individuals cannot be effectively excluded from use and where use by one individual does not reduce availability to others. • qualitativeBased on descriptions or distinctions rather than on some quantity. • quantitativeOf a measurement based on some number rather than on some quality. Free to share, print, make copies and changes. Get yours at www.boundless.com

  17. Principles of Economics • ScarceInsufficient to meet demand. • Scarcityan inadequate amount of something; a shortage • simplifyTo make simpler, either by reducing in complexity, reducing to component parts, or making easier to understand. • social scienceA branch of science that studies the society and human behavior in it, including anthropology, communication studies, criminology, economics, geography, history, political science, psychology, social studies, and sociology. • supply chainA system of organizations, people, technology, activities, information and resources involved in moving a product or service from supplier to customer. • utilityThe ability of a commodity to satisfy needs or wants; the satisfaction experienced by the consumer of that commodity. • variablesomething whose value may be dictated or discovered. • variable costA cost that changes with the change in volume of activity of an organization. Free to share, print, make copies and changes. Get yours at www.boundless.com

  18. Principles of Economics Circular Flow of the Economy Economics provides an accessible foundation for understanding the complexity of the interactions in the world. For example, the circular flow diagram displays the economic framework related to the dynamic interconnectedness of economic agents. In the graph above the display is limited to households and firms but other depictions of circular flow incorporate the government and international trading partners. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia.CC BY-SAhttp://upload.wikimedia.org/wikipedia/commons/thumb/b/b8/Circular_flow_of_goods_income.png/350px-Circular_flow_of_goods_income.pngView on Boundless.com

  19. Principles of Economics V.I. Lenin The Soviet Union, as established by V.I. Lenin, is an example of a country that tried to establish a pure centrally planned economy. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Lenin CL."Public domainhttp://en.wikipedia.org/wiki/File:Lenin_CL.jpgView on Boundless.com

  20. Principles of Economics Consumer and Producer Surplus Consumer surplus is the area between the demand line and the equilibrium price, and producer surplus is the area between the supply line and the equilibrium price. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Consumer producer surplus en."CC BY-SAhttp://commons.wikimedia.org/wiki/File:Consumer_producer_surplus_en.svgView on Boundless.com

  21. Principles of Economics Tradeoffs Since resources are scarce for a drink manufacturer, it must make a tradeoff between producing bottles of water and bottles of soda. Free to share, print, make copies and changes. Get yours at www.boundless.com OpenStax CNX."Steven Hinson, The Invisible Hand and Allocative Efficiency. October 18, 2013."CC BY 3.0http://cnx.org/content/m42970/latest/View on Boundless.com

  22. Principles of Economics Circular Flow The economy consists of interactions between firms and households. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Circular flow of goods income."CC BY-SAhttp://commons.wikimedia.org/wiki/File:Circular_flow_of_goods_income.pngView on Boundless.com

  23. Principles of Economics Consumer and Producer Surplus Consumer and producer surplus are maximized at the market equilibrium - that is, where supply and demand intersect. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Consumer producer surplus en."CC BY-SAhttp://commons.wikimedia.org/wiki/File:Consumer_producer_surplus_en.svgView on Boundless.com

  24. Principles of Economics Economic model diagram In economics, models are used in order to study and portray situations and gain a better understand of how things work. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Islm."CC BY-SAhttp://en.wikipedia.org/wiki/File:Islm.svgView on Boundless.com

  25. Principles of Economics Circulation in Macroeconomics Macroeconomics studies the performance of national or global economies and the interaction of certain entities at the these level. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Circulation in macroeconomics."Public domainhttp://en.wikipedia.org/wiki/File:Circulation_in_macroeconomics.svgView on Boundless.com

  26. Principles of Economics Opportunity Cost By choosing to go to spend time and money on things like classes and computers, you are necessarily choosing not to spend it on something else, like going on vacation. This is an opportunity cost. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Caneel Bay Turtle Bay Beach 4."CC BY-SAhttp://commons.wikimedia.org/wiki/File:Caneel_Bay_Turtle_Bay_Beach_4.jpgView on Boundless.com

  27. Principles of Economics Simple indifference curve An indifference curve is used to show potential demand patterns. It is an example of a graph that works with simplifying assumptions to gain a better understanding of the world and human behavior in relation to economics. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Simple-indifference-curves."CC BY-SAhttp://en.wikipedia.org/wiki/File:Simple-indifference-curves.svgView on Boundless.com

  28. Principles of Economics Supply Chain This represents the typical supply chain for a computer. The right half of the chart represents the steps it takes from producing the final product to the consumers. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Supply and demand network (en)."CC BY-SAhttp://en.wikipedia.org/wiki/File:Supply_and_demand_network_(en).pngView on Boundless.com

  29. Principles of Economics Production Conditions A firm will seek to produce such that its marginal cost (MC) is equal to marginal revenue (MR, which is equal to the price and demand). It is not produced based on average total cost (ATC). Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Profit max marginal small."CC BY-SAhttp://en.wikipedia.org/wiki/File:Profit_max_marginal_small.svgView on Boundless.com

  30. Principles of Economics Girls running warping machines in Loray Mill, Gastonia, N.C. by Lewis Hine, 1908. Any tool or machine that could be used to improve someone's ability to work would be included in capital. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Girls running warping machines in Loray Mill, Gastonia, N.C.Many boys and girls much younger.Boss carefully avoided... - NARA - 523104."Public domainhttp://commons.wikimedia.org/wiki/File:Girls_running_warping_machines_in_Loray_Mill,_Gastonia,_N.C._Many_boys_and_girls_much_younger._Boss_carefully_avoided..._-_NARA_-_523104.jpgView on Boundless.com

  31. Principles of Economics Economic Inefficiency A sign of economic inefficiency in a market is the presence of deadweight loss. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Deadweight-loss-price-ceiling."CC BYhttp://commons.wikimedia.org/wiki/File:Deadweight-loss-price-ceiling.svgView on Boundless.com

  32. Principles of Economics Supply and Demand Graph Microeconomics is based on the study of supply and demand at the personal and corporate level. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Simple supply and demand."CC BY-SAhttp://commons.wikimedia.org/wiki/File:Simple_supply_and_demand.svgView on Boundless.com

  33. Principles of Economics Scientific Method The scientific method is used in economics to study data, observe patterns, and predict results. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."The Scientific Method."CC BY-SAhttp://commons.wikimedia.org/wiki/File:The_Scientific_Method.jpgView on Boundless.com

  34. Principles of Economics Sales are Incentives Sales are incentives for consumers to buy, because firms know consumers generally respond to lower prices by purchasing more. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Sale sign."CC BY-SAhttp://commons.wikimedia.org/wiki/File:Sale_sign.jpgView on Boundless.com

  35. Principles of Economics Marginal and Total Utility Marginal utility is the amount that a certain action will change total utility. Individuals use net marginal utility to make decisions. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."UtilityQuantified."CC BY-SAhttp://commons.wikimedia.org/wiki/File:UtilityQuantified.svgView on Boundless.com

  36. Principles of Economics Adam Smith, Founding Father of Economics Adam Smith's book, Wealth of Nations, was the basis of both microeconomic and macroeconomic study. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."AdamSmith."Public domainhttp://en.wikipedia.org/wiki/File:AdamSmith.jpgView on Boundless.com

  37. Principles of Economics Founders of Economics John Stuart Mill, along with David Ricardo, Jeremy Bentham and other political and social philosophers of the mid-nineteenth century are credited with the founding of the social-political theory that has evolved to be the discipline of economics. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia.CC BY-SAhttp://upload.wikimedia.org/wikipedia/commons/thumb/5/5c/PSM_V03_D380_John_Stuart_Mill.jpg/220px-PSM_V03_D380_John_Stuart_Mill.jpgView on Boundless.com

  38. Principles of Economics Debt Increases This graph shows the debt increases in the United States from 2001-2009. Positive economics would provide a statement saying that the debt has increased. Normative economics would state what needs to be done in order to work towards resolving the issue of increasing debt. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Deficits vs.Debt Increases - 2009."CC BY-SAhttp://en.wikipedia.org/wiki/File:Deficits_vs._Debt_Increases_-_2009.pngView on Boundless.com

  39. Principles of Economics The Firm Organizing production under firms reduces the transaction costs of coordinating production in the market. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."RICOH Company Head Office Building 2007-1."CC BY-SAhttp://commons.wikimedia.org/wiki/File:RICOH_Company_Head_Office_Building_2007-1.jpgView on Boundless.com

  40. Principles of Economics Market Supply and Demand The market equilibrium exists where the market demand curve and the market supply curve intersect. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Supply-demand-equilibrium."CC BY-SAhttp://commons.wikimedia.org/wiki/File:Supply-demand-equilibrium.svgView on Boundless.com

  41. Principles of Economics Marginal Costs and Marginal Benefits of Environmental Protection Reducing pollution is costly—resources must be sacrificed. The marginal costs of reducing pollution are generally increasing, because the least expensive and easiest reductions can be made first, leaving the more expensive methods for later. The marginal benefits of reducing pollution are generally declining, because the steps that provide the greatest benefit can be taken first, and steps that provide less benefit can wait until later. Free to share, print, make copies and changes. Get yours at www.boundless.com Principles of Economics."Marginal Costs and Marginal Benefits of Environmental Protection."CC BY-SA 3.0http://philschatz.com/economics-book/contents/m48672.htmlView on Boundless.com

  42. Principles of Economics National Defense as a Public Good National defense is a classic example of a good that is nonexcludable and nonrivalrous. It will be under-produced unless the government provides it. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."F-15C."Public domainhttp://en.wikipedia.org/wiki/File:F-15C.jpgView on Boundless.com

  43. Principles of Economics Attribution • Wikipedia."Circular flow of income."CC BY-SA 3.0http://en.wikipedia.org/wiki/Circular_flow_of_income • Wiktionary."externality."CC BY-SA 3.0http://en.wiktionary.org/wiki/externality • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//economics/definition/circular-flow • Wikibooks."Principles of Economics/What Is Economics."CC BY-SA 3.0http://en.wikibooks.org/wiki/Principles_of_Economics/What_Is_Economics • Wikipedia."Economics."CC BY-SA 3.0http://en.wikipedia.org/wiki/Economics • Wikipedia."Mathematical economics."CC BY-SA 3.0http://en.wikipedia.org/wiki/Mathematical_economics • Wikipedia."John Stuart Mill."CC BY-SA 3.0http://en.wikipedia.org/wiki/John_Stuart_Mill • Wiktionary."social science."CC BY-SA 3.0http://en.wiktionary.org/wiki/social_science • Wikipedia."Opportunity cost."CC BY-SA 3.0http://en.wikipedia.org/wiki/Opportunity_cost • Wiktionary."Scarce."CC BY-SA 3.0http://en.wiktionary.org/wiki/Scarce • Wiktionary."Opportunity cost."CC BY-SA 3.0http://en.wiktionary.org/wiki/Opportunity+cost • OpenStax CNX."Steven Hinson, The Invisible Hand and Allocative Efficiency. October 18, 2013."CC BY 3.0http://cnx.org/content/m42970/latest/ • Wikibooks."Microeconomics/Goods and Scarcity."CC BY-SA 3.0http://en.wikibooks.org/wiki/Microeconomics/Goods_and_Scarcity • WIKIPEDIA."Opportunity cost."CC BY-SA 3.0http://en.wikipedia.org/wiki/Opportunity_cost • Wikipedia."Opportunity Costs."CC BY-SA 3.0http://en.wikipedia.org/wiki/Opportunity%20Costs • Wikibooks."Principles of Economics/Opportunity Costs."CC BY-SA 3.0http://en.wikibooks.org/wiki/Principles_of_Economics/Opportunity_Costs • OpenStax CNX."Amy Ando, Evaluating Projects and Policies. October 31, 2013."CC BY 3.0http://cnx.org/content/m38611/latest/ Free to share, print, make copies and changes. Get yours at www.boundless.com

  44. Principles of Economics • Wikibooks."Microeconomics/Opportunity Cost."CC BY-SA 3.0http://en.wikibooks.org/wiki/Microeconomics/Opportunity_Cost • Wiktionary."marginal cost."CC BY-SA 3.0http://en.wiktionary.org/wiki/marginal_cost • Principles of Economics by Phil Schatz."The Benefits and Costs of U.S. Environmental Laws."CC BY 4.0http://philschatz.com/economics-book/contents/m48672.html • Wiktionary."marginal benefit."CC BY-SA 3.0http://en.wiktionary.org/wiki/marginal_benefit • Wikibooks."Macroeconomics/Economics."CC BY-SA 3.0http://en.wikibooks.org/wiki/Macroeconomics/Economics%23Marginal_analysis • Wikibooks."Principles of Economics/Marginal Utility."CC BY-SA 3.0http://en.wikibooks.org/wiki/Principles_of_Economics/Marginal_Utility • MicroEcon201."Marginal analysis - Marginal Benefit including marginal revenue and Marginal cost."CC BY-SA 3.0http://microecon201.wikispaces.com/Marginal+analysis+-+Marginal+Benefit+including+marginal+revenue+and+Marginal++cost • Wikipedia."Incentive."CC BY-SA 3.0http://en.wikipedia.org/wiki/Incentive • Wiktionary."incentive."CC BY-SA 3.0http://en.wiktionary.org/wiki/incentive • OpenStax CNX."Amy Ando, Solutions: Property Rights, Regulations, and Incentive Policies. November 1, 2013."CC BY 3.0http://cnx.org/content/m38956/latest/ • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//economics/definition/incentive-structure • Wikibooks."Managing Groups and Teams/Which attributes are fundamental to team cohesion?."CC BY-SA 3.0http://en.wikibooks.org/wiki/Managing_Groups_and_Teams/Which_attributes_are_fundamental_to_team_cohesion?%23Incentive • Wikipedia."Theory of the firm."CC BY-SA 3.0http://en.wikipedia.org/wiki/Theory_of_the_firm • Wiktionary."firm."CC BY-SA 3.0http://en.wiktionary.org/wiki/firm • Wikipedia."increasing returns to scale."CC BY-SA 3.0http://en.wikipedia.org/wiki/increasing%20returns%20to%20scale • Wikibooks."IB Economics/Microeconomics/Theory of the Firm (HL)."CC BY-SA 3.0http://en.wikibooks.org/wiki/IB_Economics/Microeconomics/Theory_of_the_Firm_(HL) • Wikipedia."producer surplus."CC BY-SA 3.0http://en.wikipedia.org/wiki/producer%20surplus • Wikipedia."Economic surplus."CC BY-SA 3.0http://en.wikipedia.org/wiki/Economic_surplus • Wikipedia."consumer surplus."CC BY-SA 3.0http://en.wikipedia.org/wiki/consumer%20surplus Free to share, print, make copies and changes. Get yours at www.boundless.com

  45. Principles of Economics • Wiktionary."utility."CC BY-SA 3.0http://en.wiktionary.org/wiki/utility • Wikipedia."Pareto efficiency."CC BY-SA 3.0http://en.wikipedia.org/wiki/Pareto_efficiency • Wikipedia."producer surplus."CC BY-SA 3.0http://en.wikipedia.org/wiki/producer%20surplus • Wikipedia."Economic surplus."CC BY-SA 3.0http://en.wikipedia.org/wiki/Economic_surplus • Wikipedia."consumer surplus."CC BY-SA 3.0http://en.wikipedia.org/wiki/consumer%20surplus • Wikipedia."Invisible hand."CC BY-SA 3.0http://en.wikipedia.org/wiki/Invisible_hand • Wikipedia."Economic efficiency."CC BY-SA 3.0http://en.wikipedia.org/wiki/Economic_efficiency • Wikipedia."Economic efficiency."CC BY-SA 3.0http://en.wikipedia.org/wiki/Economic_efficiency • Wikipedia."Market economy."CC BY-SA 3.0http://en.wikipedia.org/wiki/Market_economy • Wikipedia."Free market."CC BY-SA 3.0http://en.wikipedia.org/wiki/Free_market • Wiktionary."market economy."CC BY-SA 3.0http://en.wiktionary.org/wiki/market_economy • Wiktionary."equilibrium."CC BY-SA 3.0http://en.wiktionary.org/wiki/equilibrium • Wikipedia."Economic efficiency."CC BY-SA 3.0http://en.wikipedia.org/wiki/Economic_efficiency • Wikipedia."Allocative efficiency."CC BY-SA 3.0http://en.wikipedia.org/wiki/Allocative_efficiency%23Conditions • Wikipedia."Pareto efficiency."CC BY-SA 3.0http://en.wikipedia.org/wiki/Pareto_efficiency • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//economics/definition/pareto-efficiency • Wikipedia."public good."CC BY-SA 3.0http://en.wikipedia.org/wiki/public%20good • Wiktionary."free rider."CC BY-SA 3.0http://en.wiktionary.org/wiki/free_rider • Wiktionary."externality."CC BY-SA 3.0http://en.wiktionary.org/wiki/externality Free to share, print, make copies and changes. Get yours at www.boundless.com

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