The Challenge of economics

Terms:

• Price signals
• Market failure
• Economic goals
• Market signals
• Government intervention
• Mixed economy
  
• WHAT
  
• No Free Levees (there is no free lunch)
  
• Ends versus means
• Markets versus government (invisible versus visible hand)
  
• Opportunity cost (trade-offs)
  
• Production possibilities curve
• laissez faire (leave it alone)
  
• ceteris paribus
  
• Dead wrong (completely wrong)
  
• Get things right
• To improve
• To attain
• To predict
  
• Impact on
• Micro behavior
• Macro behavior
  
• Economic outcomes
• Big picture