Economic principles

• 1?

  How people make decisions
• 2?

  How people interact
• 3?

  How the economy as a whole works
• 1-1?


  People face trade-offs
• 1-2?


  Opportunity cost
• 1-3?


  Thinking at the margin
• 1-4?


  People respond to incentives
• 2-1?


  Trade can make everyone better off
• 2-2?


  The capitalist economic system
• 2-3?


  Markets can be a good way to organise economic activity
• 2-4?


  Government can sometimes improve market outcomes
• 3-1?


  Microeconomics and Macroeconomics
• 3-2?


  An economy's standard of living is related to its ability to produce goods/services
• 3-3?


  Prices rise when government prints too much money