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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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  • May 17, 2020
  • 30
  • 2019/2020
  • Class notes
  • Avishek singh
  • Unknown
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Available practice questions

Flashcards 12 Flashcards
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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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