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Ten Principles of Economics

What is the first principle of economics?

Trade-offs

Which principle states that people face trade-offs?

Trade-offs

What is the concept of scarcity in economics?

Limited resources compared to unlimited wants

Which principle explores the idea of opportunity cost?

Opportunity cost

What is a key element of the principle of incentives?

Rewards and punishments

Which principle focuses on the concept of markets?

Markets coordinate trade

What is the principle that analyzes the effects of government actions?

Governments can sometimes improve market outcomes

Which principle explores the idea of specialization?

Specialization can increase production

What is the principle that examines the long-term versus short-term trade-offs?

Rational people think at the margin

Which principle focuses on the role of technology and economic growth?

Productivity growth is crucial for rising living standards

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