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Econ Ten Principles

QuestionAnswer
Principle 1 People face trade-offs.
Principle 2 The cost of something is what you give up to get it.
Principle 3 Rational People Think at the Margins.
Principle 4 People respond to incentives.
Principle 5 Trade can make everyone better off.
Principle 6 Markets are usually a good way to organize economic activity.
Principle 7 Governments can sometimes improve market outcomes.
Principle 8 A country's standards of living depends on its ability to produce goods and services.
Principle 9 Prices rise when the Government prints too much money.
Principle 10 Society faces a short run trade-off between inflation & unemployment.
Created by: FatherofPug
 

 



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