How People Make Decisions
#1 People face tradeoffs
#2 The cost of something is what you give up to get it
#3 Rational people think at the margin
#4 People respond to incentives
How People Interact
#5 Trade can make everyone better off
#6 Markets are usually a good way to organie economic activity
#7 Governments can sometimes improve market outcomes
How the Economy Works as a whole
#8 A country's standard of living depends on its ability to produce goods and services.
#9 Prices rise when the Government prints too much money
#10 Society Faces a short-run tradeoff between inflation and unemployment
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment