Principles of Economics Homework Answers
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Principles of economics:
Almost every economic graduate will be familiar with the ten principles of economics. They are,
- People respond to incentives
- Governments can sometimes improve market outcomes.
- Rational people think of the margin
- The cost of something is what you give up to get it
- Markets are usually a good way to organize economic activity.
- People face trade-offs.
So, the above mentioned ten pointers are the ten principles of economics. The whole idea is centered mainly upon three main points. They are:
- How the economy works as a whole
- How do people interact with each other
- How people make their decisions
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