10 Principles Of Economics Notes Pdf

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PM. Economics is the study of how society manages its scarce resources. In this case, the savings on room and board are a benefit of going to college. It’s just how people function. CHAPTERTEN PRINCIPLES OF ECONOMICSefficiency the property of society getting the TheUndeniable Principles of Economics Explained: People respond to incentives. A. HOW PEOPLE MAKE ISIONS PrinciplePeople Face Tradeoffs. P People make isions In this case, the savings on room and board are a benefit of going to college. efficiency: equity: Example: Welfare programs, food stamps and unemployment insurance WHAT IS ECONOMICS? Examples: Efficiency vs. Other factors (e.g., labor unions, competition from abroad) have far less impact on living standards Principles of Economics. Making isions requires trading one thing for another. Equity. K. Households and economies have much in common. ØAbstract concepts are ones which are not concrete or We WHAT IS ECONOMICS? Economics 2,  · What are the ten principles of economics?Principles of Economics arePeople face trade-offsThe cost of an item is what we sacrifice to get it2 “one who manages a household.”. L. The management of society’s resources is important because resources are scarceScarcity is the limited nature of society’s resources. Productivity depends on the equipment, skills, and technology available to workers. CHAPTERTEN PRINCIPLES OF ECONOMICSefficiency the property of society getting the most it can from its scarce resources equity the property of distribut ing economic prosperity fairly among the mem bers of society The most important determinant of living standards: productivity, the amount of goods and services produced per unit of labor. ØEvery field of study has its own terminology •Mathematics: Integrals –axioms -vector spaces •Psychology: Ego –id -cognitive dissonance •Law: Promissory –estoppel –torts –venues ØMany of the concepts you will come across in this economics are abstract. ØEvery field of study has its own terminology •Mathematics: Integrals –axioms -vector spaces •Psychology: Ego –id -cognitive dissonance •Law Economic Foundations Oikonomos is the Greek word for economy meaning “one who manages a household” Scarcity the limited nature of nature’s resources. This is an unavoidable concept found in human behavior.