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chapter 1 ten principles of economics

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chapter 1 ten principles of economics

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... this chapter, look for the answers to these questions • What kinds of questions does economics address? • What are the principles of how people make decisions? • What are the principles of how... password-protected website for classroom use 27 Summary The principles of decision making are: • People face tradeoffs • The cost of any action is measured in terms of foregone opportunities • Rational people... The principles of the economy as a whole are: • Productivity is the ultimate source of living standards • Money growth is the ultimate source of inflation • Society faces a short-run tradeoff

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Mục lục

  • Slayt Numarası 1

  • In this chapter, look for the answers to these questions

  • What Economics Is All About

  • The principles of HOW PEOPLE MAKE DECISIONS

  • PRINCIPLE 1 People Face Tradeoffs

  • PRINCIPLE 1 People Face Tradeoffs

  • PRINCIPLE 2 The Cost of Something Is What You Give Up to Get It

  • PRINCIPLE 2 The Cost of Something Is What You Give Up to Get It

  • PRINCIPLE 3 Rational People Think at the Margin

  • PRINCIPLE 3 Rational People Think at the Margin

  • PRINCIPLE 4 People Respond to Incentives

  • ACTIVE LEARNING 1 Applying the principles

  • ACTIVE LEARNING 1 Answers

  • ACTIVE LEARNING 1 Observations

  • The principles of HOW PEOPLE INTERACT

  • PRINCIPLE 5 Trade Can Make Everyone Better Off

  • PRINCIPLE 6 Markets Are Usually A Good Way to Organize Economic Activity

  • PRINCIPLE 6 Markets Are Usually A Good Way to Organize Economic Activity

  • PRINCIPLE 6 Markets Are Usually A Good Way to Organize Economic Activity

  • PRINCIPLE 7 Governments Can Sometimes Improve Market Outcomes

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