Question

How does 10 principle of economics relate with each other.explain giving examples

Answer 1

Answer:

Principles of Economics outlines Ten Principles of Economics that we will replicate here, they are :

Explanation:

1- People face trade-offs

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

5- Trade can make everyone better off

6-Markets are usually a good way to organize economic activity

7-Governments can sometimes improve market outcomes

8-A country's standard of living depends on its ability to produce goods and services

9-Prices rise when the government prints too much money

10-Society faces a short-run tradeoff between Inflation and unemployment.