LP_2_Mankiw_Principles - Name Section SWBAT apply Mankiws 10 Principles to contemporary economic issues Taken from

LP_2_Mankiw_Principles - Name Section SWBAT apply Mankiws...

This preview shows page 1 out of 1 page.

Name: ___________________________________ Section: ___ SWBAT apply Mankiw’s 10 Principles to contemporary economic issues Taken from: 1. People Face Tradeoffs; To get one thing, you have to give up something else. Making decisions requires trading off one goal against another. Ex: 2. The Cost of Something is What You Give Up to Get It; Decision-makers have to consider both the obvious and implicit costs of their actions. Ex: 3. Rational People Think at the Margin; A rational decision-maker takes action if and only if the marginal benefit of the action exceeds the marginal cost. Ex: 4. People Respond to Incentives; Behavior changes when costs or benefits change. Ex: *for later 5. Trade Can Make Everyone Better Off. Trade allows each person to specialize in the activities he or she does best. By trading with others, people can buy a greater variety of goods or services. 6. Markets Are Usually a Good Way to Organize Economic Activity.
Image of page 1

You've reached the end of your free preview.

Want to read the whole page?

  • Fall '16
  • john mull
  • Economics, History, Mankiw, economic activity, contemporary economic issues, Organize Economic Activity

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes