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Lecture

Ch. 1--Ten Principles of Economics.docx

1 Page
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Department
Economics
Course Code
ECON 1BB3
Professor
Bridget O' Shaughnessy

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Description
Ten Principles of Economics  How people make decisions 1. People face tradeoffs 2. The cost of something is what you give up to get it- (opportunity cost) 3. Rational people think at the margin [edge, additional] (additional costs and additional benefits)(all relevant costs/benefits) 4. People respond to incentives  How people interact 5. Trade can make everyone better off 6. Markets tend to increase efficiency [how much stuff we can produce/make] [centrally planned communism e
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