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10 Principles of Economics
Terms in this set (10)
People face trade-offs, because resources are scarce
What is the first principle of economics?
The cost of something is what you give up to get it
What is the second principle of economics?
People respond to incentives
What is the third principle of economics?
Trade can make everyone better off
What is the fourth principle of economics?
Rational people make decisions at the margin
What is the fifth principle of economics?
Markets are usually a good way to organize economic activity
What is the sixth principle of economics?
The government can sometimes improve market outcomes
What is the seventh principle of economics?
The price level increases when the government "prints" too much money
What is the eighth principle of economics?
There is a short-run trade-off between inflation and unemployment
What is the ninth principle of economics?
Countries standard of living depends on its ability to produce goods and services
What is the tenth principle of economics?
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