Chapter 1: Ten Principles of Economics- Principle 10: Society Faces a Short-Run Trade-off between In
Explore the relationship between unemployment and inflation.
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Chapter 1: Ten Principles of Economics- Principle 9: Prices Rise When the Government Prints Too Much
To learn more about inflation, read here.
Chapter 1: Ten Principles of Economics- Principle 8: A Country's Standard of Living Depends on I
Explore the meaning of productivity in relation to standard of living here.
Chapter 1: Ten Principles of Economics- Principle 7: Governments Can Sometimes Improve Market Outcom
The government, sometimes criticized for its economic decisions, can account for factors that are not a part of self-organizing forces, like
Chapter 1: Ten Principles of Economics- Principle 6: Markets Are Usually a Good Way to Organize Econ
Markets self-adjust, a primary factor to why principle 6 of economics holds true. Find out more about economic activity here.
Chapter 1: Ten Principles of Economics- Principle 5: Trade Can Make Everyone Better Off
Generally, trade, using comparative advantage, proves to benefit everyone involved.
Chapter 1: Ten Principles of Economics- Principle 4: People Respond to Incentives
How do people respond to incentives? Find out here.
Chapter 1: Ten Principles of Economics- Principle 3: Rational People Think at the Margin
The title says it all: Rational People Think at the Margin.
Chapter 1: Ten Principles of Economics- Principle 2: The Cost of Something Is What You Give Up to Ge
The cost of something is what you give up to get it is an idea similar to trade-offs.
Chapter 1: Ten Principles of Economics- Principle 1: People Face Trade-Offs
How do trade-offs apply to real life and why are they important? Find out here.
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