Question

Principles relating to economic equality​

Answer 1

Gregory Mankiw has been considered the master of Economics and  in his Principles of Economics he outlines Ten Principles that we can see below:

a. People face trade-offs

b. The cost of something is what you give up to get it

c. Rational people think at the margin

d. People respond to incentives

e. Trade can make everyone better off

f. Markets are usually a good way to organize economic activity

g. Governments can sometimes improve market outcomes

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

i. Prices rise when the government prints too much money

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