title
description
- definition of economy vs economics
- people face tradeoffs (principle 1 _ microecons)
- The Cost of Something Is What You Give Up to Get It (principle 2 _ microecons)
- Rational People Think at the Margin (principle 3 _ microecons)
- People Respond to Incentives (principle 4 _ microecons)
- Trade Can Make Everyone Better Off (principle 5 _ microecons)
- Markets Are Usually a Good Way to Organize Economic Activity
- Governments Can Sometimes Improve Market Outcomes (principle 7 _ microecons)
- The Standard of Living Depends on a Countryβs Production
- Prices Rise Too Much When the Government Prints Too Much Money
- Society Faces a Short-run Tradeoff Between Inflation and Unemployment