Principles Of Economics

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10 Terms

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Principle #1

People Face Tradeoffs

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Principle #2

What you give up to get something you want

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Principle #3

People think at the margin

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Principle #4

People respond to Incentives

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Principle #5

Tradeoffs Make Everyone/Nation Better Off

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Principle #6

Markets are usually a good way to organize economic activity (Free Markets)

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Principle #7

Governments can sometimes improve market outcomes

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Principle #8

A country’s standard of living depends on its ability to produce goods and services

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Principle #9

Prices rise when the government prints too much money

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Principle #10

Society faces a short-run tradeoff between inflation and unemployement