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