"Everyone can read economics" reading notes

Recommendation index: 5 stars, highly recommended, I spent the most understandable, and there is no nonsense of the books, the book with a complete scene to explain and elaborated some of the economic things, at least I have reaped a lot.

Some notes:

Here I picked out some of the personal feel needed notes, inside the other people can read their own books Oh.

1. Opportunity cost: The greatest value of giving up something else in order to get something. Here's an example of a simple income-cost when we're going to calculate profits, and for economics it should also include the opportunity cost, which is the value you give up.

Economic Profit = Total profit-(explicit cost + hidden cost)

Accounting Profit = Total profit-explicit cost

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2. Diminishing marginal utility and consumer surplus

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3, the friction of unemployment, structural unemployment

4. Inflation

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"Everyone can read economics" reading notes