7 principles of microeconomics

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Last updated 5:23 AM on 9/10/26

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principle 1

people face tradeoffs

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principle 2

the cost of something is what you give up to get it

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principle 3

rational people think at the margins

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principle 4

people respond to incentives

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principle 5

trade can make everyone better off

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principle 6

markets are usually a good way to organize economic activity

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principle 7

government can sometimes improve market outcomes