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The 10 Principles of Economics

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Presentation on theme: "The 10 Principles of Economics"— Presentation transcript:

1 The 10 Principles of Economics
Define key terms Real life example of this principle

2 Rational People Think at the Margin
+1 +900,000

3 Markets are Usually a Good Way to Organize Economic Activity

4 People Face Tradeoffs The more I spend on gaming equipment, the less money I have left for personal hygiene.

5 Prices Rise When the Government Prints Too Much Money
Used socks for sale starting at $4,000/pair

6 Trade Can Make Everyone Better Off

7 A Country’s Standard of Living Depends on Its Ability to Produce Goods and Services

8 Governments Can Sometimes Improve Market Outcomes
Share your wealth!

9 Society Faces a Short-Run Tradeoff Between Inflation and Unemployment
… never mind…

10 People Respond to Incentives

11 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’.


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