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Chapter 1 Ten Principles of Economics

Chapter 1 Ten Principles of Economics - 1-5 PRINCIPLE 7 o...

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1THE TEN PRINCIPLES OF ECONOMICS PRINCIPLE # 1 PEOPLE FACE TRADE-OFFS 1-1
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PRINCIPLE # 2 COST OF SOMETHING IS WHAT YOU GIVE UP TO GET IT Opportunity Cost: 1-2
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PRINCIPLE # 3 o RATIONAL PEOPLE THINK AT THE MARGIN PRINCIPLE # 4 o PEOPLE RESPOND TO INCENTIVES 1-3
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PRINCIPLE # 5 o TRADE CAN MAKE EVERYONE BETTER OFF 1-4
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PRINCIPLE # 6 o MARKETS ARE USUALLY A GOOD WAY TO ORGANIZE  ECONOMIC ACTIVITY
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Unformatted text preview: 1-5 PRINCIPLE # 7 o GOVERNMENTS CAN SOMETIMES IMPROVE MARKET OUTCOMES 1-6 PRINCIPLE # 8 o A COUNTRY’S STANDARD OF LIVING DEPENDS ON ITS ABILITY TO PRODUCE GOODS AND SERVICES 1-7 PRINCIPLE # 9 o PRICES RISE WHEN THE GOVERNMENT PRINTS TOO MUCH MONEY 1-8 PRINCIPLE # 10 o SOCIETY FACES A SHORT-RUN TRADE-OFF BETWEEN INFLATION AND UNEMPLOYMENT 1-9...
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