Economy, asked by fahadalinoonari35, 4 months ago

Ten principles of economics explain​

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Answered by Anonymous
1

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Gregory Mankiw in his Principles of Economics outlines Ten Principles of Economics that we will replicate here, they are:

  • People face trade-offs

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

  • Rational people think at the margin

  • 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

  • Prices rise when the government prints too much money

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

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