Class notes
10 Principles of Microeconomics Part 1
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This lectures provide detailed information on the 10 Principles of Microeconomics
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Some examples from this set of practice questions
1.
What is Scarcity?
Answer: Scarcity is the limited nature of society\'s resources.
2.
What is Economics?
Answer: The study of how society manages its scarce resources.
3.
1st Principle of Economics?
Answer: People face trade-offs. - To get something that we like, we have to up something else that we also like.
4.
2nd Principle of Economics?
Answer: The cost of something is what you give up to get it. - Making Decisions - Opportunity Cost
5.
3rd Principle of Economics?
Answer: Rational people think at the margin. - Make decisions by evaluating costs and benefits of marginal changes.
6.
4th Principle of Economics?
Answer: People Respond to incentives. - Because rational people make decisions by comparing costs and benefits.
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