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Unformatted text preview: In order to satisfy the wants and needs of its members. Ten principles broken down into 3 categories- How people make decisions (principles 1-4) How people interact (principles 5-7 How the economy as whole works (principles 8-10) Principle 1: people face trade-offs "There is no such thing as a free lunch" In order to get one thing, we usually have to give up another thing 4 Classic examples: o Food vs. Clothing o Leisure time vs. Work time o...
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This note was uploaded on 05/10/2010 for the course ECONOMICS 809-195-3K taught by Professor A.ordonez during the Spring '10 term at Gateway Tech.
- Spring '10