Principles Of Macroeconomics , 5th Canadian Edition Solution Manual

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1WHAT’S NEW IN THEFIFTH EDITION?There are no substantial changes in this chapter.LEARNING OBJECTIVESBy the end of this chapter, students should understand:that economics is about the allocation of scarce resources.that individuals face tradeoffs.the meaning of opportunity cost.how to use marginal reasoning when making decisions.how incentives affect people’s behaviour.why trade among people or nations can be good for everyone.why markets are a good, but not perfect, way to allocate resources.what determines some trends in the overall economy.WHY IS THIS CHAPTER IMPORTANT TO STUDENTS?Chapter 1 is the first chapter in a three-chapter section that serves as the introduction to the text.Chapter 1 introduces ten fundamental principles on which the study of economics is based. In a broadsense, the rest of the text is an elaboration on these ten principles. Chapter 2 will develop howeconomists approach problems while Chapter 3 will explain how individuals and countries gain fromtrade.The purpose of Chapter 1 is to lay out ten economic principles that will serve as building blocksfor the rest of the text. The ten principles can be grouped into three categories: how people makedecisions, how people interact, and how the economy works as a whole. Throughout the text, referenceswill be made repeatedly to these ten principles.1TEN PRINCIPLES OF ECONOMICS

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