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ALecturePresentationinPowerPointtoAccompanyTenPrinciplesofEconomicsEconomy...Ahouseholdandaneconomyfacemanydecisions:SocietyandScarceResources:Scarcity...EconomicsEconomistsstudy...TenPrinciplesofEconomicsTenPrinciplesofEconomicsTenPrinciplesofEconomics1.Peoplefacetradeoffs.1.Peoplefacetradeoffs.1.Peoplefacetradeoffs.2.Thecostofsomethingiswhatyougiveuptogetit.2.Thecostofsomethingiswhatyougiveuptogetit.3.Rationalpeoplethinkatthemargin.4.Peoplerespondtoincentives.LALakerbasketballstarKobeBryantchosetoskipcollegeandgostraighttotheNBAfromhighschoolwhenoffereda$10millioncontract.5.Tradecanmakeeveryonebetteroff.6.Marketsareusuallyagoodwaytoorganizeeconomicactivity.6.Marketsareusuallyagoodwaytoorganizeeconomicactivity.6.Marketsareusuallyagoodwaytoorganizeeconomicactivity.7.Governmentscansometimesimprovemarketoutcomes.7.Governmentscansometimesimprovemarketoutcomes.7.Governmentscansometimesimprovemarketoutcomes.7.Governmentscansometimesimprovemarketoutcomes.8.Thestandardoflivingdependsonacountry’sproduction.8.Thestandardoflivingdependsonacountry’sproduction.8.Thestandardoflivingdependsonacountry’sproduction.9.Pricesrisewhenthegovernmentprintstoomuchmoney.10.Societyfacesashort-runtradeoffbetweeninflationandunemployment.SummarySummarySummary
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