2. This chapter will explore costs, the key determinate of supply. B. Costs are the dollars paid for the factors of production. 1. Explicit costs require an out-of-pocket expenditure, e.g., wages, materials, and overhead. 2. Implicit costs do not require an outlay, e.g., forgone interest on invested capital, forgone rent a company could receive ... Macroeconomics: Class 12 Economics Chapter 1 Revision Notes Summary This chapter introduces the students to the new world of economics where a country is considered to be a whole body. The economy of an entire country will be calculated by considering the various factors and aspects. Macroeconomics - Chapter 29. Flashcards by yaeguma, updated more than 1 year ago More Less. Resource summary. Question. Answer. Fiscal Policy. the use of the federal budget to achieve macroeconomic objectives.Chapter 20: Income Inequality and Poverty Principles of Economics, 6th Edition N. Gregory Mankiw Page 3 increase the welfare of the poor. f. Anti-poverty programs and work incentives are often in conflict because benefits are withdrawn as incomes increase. g. In the News : The Root Cause of a Financial Crisis, P. 430 4. Conclusion 5. Summary