2022 ~ Economics Simplified

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Sunday, November 13, 2022

Ten Principles of Economics:

Economics SimplifiedNovember 13, 2022 No comments

Ten Principles of Economics:1.2.1 How People Make Decisions:People face tradeoffs.The cost of something is what you give up getting it.Rational people think at the margin.People respond to incentives. 1.2.2 How People Interact:Trade can make everyone better off.Markets...

What is Economics?

Economics SimplifiedNovember 12, 2022 No comments

Economy......The word "economy" is derived from a Greek word meaning "home manager."1.1.1 A household and an economy face many decisions:Who will work?What goods and how many of them should be produced?What resources should be used in production?At what price should the...