Scribd Logo
Hochladen

Willkommen bei Scribd!

  • Ten Principles of Economics

    Hochgeladen von

    Qamar Abbas
    9 Ansichten9 Seiten
    1. The document outlines 10 principles of economics which are divided into how people make decisions, how people interact, and how the economy as a whole works. 2. It discusses that resources are scarce so society must make choices which involve costs, and economics is the study of how societies manage their scarce resources. 3. The 10 principles cover topics like people facing tradeoffs, responding to incentives, how trade benefits people, how markets and governments work, and the relationship between things like production, inflation, and unemployment at a societal level.

    Originalbeschreibung:

    chem engg

    Originaltitel

    Intro to economics

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Verfügbare Formate

    PPT, PDF, TXT oder online auf Scribd lesen

    Stufen Sie dieses Dokument als nützlich ein?

    Sind diese Inhalte unangemessen?

    Dieses Dokument melden
    1. The document outlines 10 principles of economics which are divided into how people make decisions, how people interact, and how the economy as a whole works. 2. It discusses that resources are scarce so society must make choices which involve costs, and economics is the study of how societies manage their scarce resources. 3. The 10 principles cover topics like people facing tradeoffs, responding to incentives, how trade benefits people, how markets and governments work, and the relationship between things like production, inflation, and unemployment at a societal level.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Als PPT, PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    9 Ansichten9 Seiten

    Ten Principles of Economics

    Hochgeladen von

    Qamar Abbas
    1. The document outlines 10 principles of economics which are divided into how people make decisions, how people interact, and how the economy as a whole works. 2. It discusses that resources are scarce so society must make choices which involve costs, and economics is the study of how societies manage their scarce resources. 3. The 10 principles cover topics like people facing tradeoffs, responding to incentives, how trade benefits people, how markets and governments work, and the relationship between things like production, inflation, and unemployment at a societal level.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Als PPT, PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    von 9

    Ten Principles of Economics

    Chapter 1

    Society and Scarce Resources:


    The

    management of societys resources is important because resources are scarce. Scarcity implies choice and choice implies cost.
    .

    Scarcity . . .
    . . . means that society has limited resources and therefore cannot produce all the goods and services people wish to have.

    Economics
    Economics is the study of how society manages its scarce resources.

    Economists study. . .
    How How The

    people make decisions.

    people interact with each other.

    forces and trends that affect the economy as a whole.


    .

    Ten Principles of Economics


    How People Make Decisions
    1. People face tradeoffs. 2. The cost of something is what you give up to get it. 3. Rational people think at the margin. 4. People respond to incentives.

    Ten Principles of Economics


    How People Interact
    5. Trade can make everyone better off. 6. Markets are usually a good way to organize economic activity. 7. Governments can sometimes improve economic outcomes.

    Ten Principles of Economics


    How the Economy as a Whole Works
    8. The standard of living depends on a countrys production. 9. Prices rise when the government prints too much money. 10. Society faces a short-run tradeoff between inflation and unemployment.
    .

    Das könnte Ihnen auch gefallen