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ECON 1BB3 (535)
Lecture

Ten Principles of Economics.docx

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Department
Economics
Course
ECON 1BB3
Professor
Bridget O' Shaughnessy
Semester
Fall

Description
Ten Principles of Economics Econ 1BB3 How People Make Decisions: 1. People face tradeoffs 2. The cost of something is what you give up to get it  Opportunity cost (buying a coffee – what else you would be doing with those 2 dollars) 3. Rational people think at the margin(edge) – Additional Step  Cost and benefits ---------- Additional costs/benefits (All relevant) 4. People respond to incentives How People Interact: 1. Trade can make everyone better of  If we add up all the people that are negatively affected by fair trade, the number is smaller compared to the number of people who are bette
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