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Macro economics 1,2,4,10,11 > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

1st principle of economics

A

People face trade-offs

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2
Q

2nd principle of economics

A

the cost of something is what you give up to get it

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3
Q

3rd principle of economics

A

rational people think at the margin

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4
Q

4th principle of ecconomics

A

people respond to incentives

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5
Q

5th principle of economics

A

Trade can make everyone better off

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Macro economics 1,2,4,10,11 (6 decks)

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