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TenPrinciplesOfEcon - 7 Governments can sometimes improve...

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CHAPTER ONE: TEN PRINCIPLES OF ECONOMICS 1. People face tradeoffs. 2. The cost of something is what you must sacrifice. 3. Rational people use marginal analysis. 4. People respond to incentives. 5. Trade can make everyone better off. 6. Markets are usually a very good way to organize economic activity.
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Unformatted text preview: 7. Governments can sometimes improve on market outcomes. 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....
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