The 10 Principles of Economics Define key terms Real life example of this principle
Rational People Think at the Margin +1 +900,000
Markets are Usually a Good Way to Organize Economic Activity
People Face Tradeoffs The more I spend on gaming equipment, the less money I have left for personal hygiene.
Prices Rise When the Government Prints Too Much Money Used socks for sale starting at $4,000/pair
Trade Can Make Everyone Better Off
A Country’s Standard of Living Depends on Its Ability to Produce Goods and Services
Governments Can Sometimes Improve Market Outcomes Share your wealth!
Society Faces a Short-Run Tradeoff Between Inflation and Unemployment … never mind…
People Respond to Incentives
The Cost of Something Is what you Give Up to Get It It took you 4 hours to beat this level when you could’ve been studying. Yea. You saved me but it cost you an ‘A’.