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the nine principles of economics
Transcript of the nine principles of economics
Every choice has a cost. Benefit/cost analysis useful. incentives matter. Exchange benefits the traders. Markets work with competition,information,incentives and property rights. Skills and knowledge influence income. Monetary and fiscal policies affect people's choices. Government policies have benefits and cost. Alternatives choice personal responsibility people choose opportunity cost transaction cost search cost advantages disadvantages opportunity cost profits prices taxes foreing exchange demand entrepreneurship monoply productivity supply demand economic growth interest rates unemployment and job creation public choice government failures