Question

economic principles are called ans​

Answer 1

People respond to incentives. Trade can make everyone better off. Markets are usually a good way to organize economic activity. Governments can sometimes improve market outcomes. A country's standard of living depends on its ability to produce goods and services.

• The three principles that describe how the economy as a whole works are: (1) a country's standard of living depends on its ability to produce goods and services; (2) prices rise when the government prints too much money; and (3) society faces a short-run tradeoff between inflation and unemployment.17-Jan-2020