Econ365- week 1 - Ten Principles of Economics How Markets...

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Ten Principles of Economics & How Markets Work 1 Ten Principles of Economics & How Markets Work Sarah Bellin ECO/365 April 3rd, 2017 Professor John Bayer
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Ten Principles of Economics & How Markets Work 1 Society use’s Economic’s in about every aspect of life, whether they know it or not. Million’s of families must make the hard decisions between buying food for the family or a car of their dreams. Learn- ing to balance trade-off’s is not as easy as people think, but learning how to make these hard decisions is a part of life. Economics is “the study of how society manages's its scarce resources” (Mankiw, N. G. (2015). Scarcity describes the limited resources that each community encounters, and economists study how this scarcity affects people’s decisions and actions. This study has led to the development of the Ten Principles of Economics. The Ten Principles of Economics The ten principles of economics is an overview of how the core fundamentals of the economy work. The ten principles can be divided into three separate categories to help better understand each one individu- ally. The three categories are: How People Make Decisions, How People Interact and How The Economy as a Whole Works . All three of these categories make up what ten principles of economics are.
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