- People have tradeoffs
- The cost of something is what you give up to get it
- Rational people think at the margin
- People respond to incentive
- Trade can make everyone better off
- Markets are usually a good way to organize economic activity
- Governments sometimes improve market outcomes
- A country’s standard of living depends on its ability to produce goods and services
- Prices rise when the government prints too much money
- Society faces short-run tradeoff between inflation and unemployment.
Richa Shukla
Globsyn Business School
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