BASIC ECONOMICS PROBLEM
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4 Terms
Production
DistributioN
Consumption
Growth Over Time
BASIC ECONOMIC PROBLEMS
economic system
means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country.
Traditional Economic System
Command Economic System
Market Economic System
Mixed System
Types of Economic Systems
Principle 1:Â People Face Tradeoffs
Principle 2: The Cost of Something is, what you give up to Get it
Principle 3: Rational People Think at the Margin
Principle 4: People Responds to Incentives
Principle 5: Trade can make everyone better off
Principle 6: Markets are Usually A Good Way to Organize Economic Activity
Principle 7: Government can improve economic outcomes
Principle 8:
A country’s Standard of Living Depends on its ability to produce goods and services.
Principle 9: Money growth is the ultimate source of inflation.
Principle 10: Society faces a short-run trade off between inflation and unemployment
10 Principles in Economics
Note 
Flashcards (20)