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Answer:
According to Mankiw et al., there are ten fundamental principles of economics:
1) Scarcity exists. People face trade-offs.
2) The cost of something is what you give up to get it (opportunity cost).
3) Rational people think at the margin.
4) People respond to incentives.
5) Trade can make everyone better off.
6) Markets are usually a good way of organising economic activity.
7) A country's standard of living depends on its ability to produce goods and services.
8) Government intervention can sometimes improve economic outcomes.
9) Inflation is caused by governments printing money.
10) There exists a trade-off between inflation and unemployment.
1) Scarcity exists. People face trade-offs.
2) The cost of something is what you give up to get it (opportunity cost).
3) Rational people think at the margin.
4) People respond to incentives.
5) Trade can make everyone better off.
6) Markets are usually a good way of organising economic activity.
7) A country's standard of living depends on its ability to produce goods and services.
8) Government intervention can sometimes improve economic outcomes.
9) Inflation is caused by governments printing money.
10) There exists a trade-off between inflation and unemployment.
First answer by M200220232.
Last edit by M200220232.
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