people wish to have.РTEN PRINCIPLES OF ECONOMICSРEconomics is the study of how society manages its scarce resources.РTEN PRINCIPLES OF ECONOMICSРHow people make decisions.?People face tradeoffs.?The cost of something is what you give up to get it.?Rational people think at the margin.?People respond to incentives.РTEN PRINCIPLES OF ECONOMICSРHow people interact with each other.?Trade can make everyone better off.?Markets are usually a good way anize economic activity.?Governments can sometimes improve economic es.РTEN PRINCIPLES OF ECONOMICSРThe forces and trends that affect how the economy as a whole works. ?The standard of living depends on a country’s production.?Prices rise when the government prints too much money.?Society faces a short-run tradeoff between inflation and unemployment.
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