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Transcript

MANKIW”S 10 PRINCIPLES OF ECONOMICS

(By: Miguel HUAMAN)

In the first place: HOW PEOPLE MAKE DECISIONS

Secondly: HOW PEOPLE INTERACT WITH EACH OTHER

Finally: HOW THE ECONOMY WORKS AS A WHOLE

NATIONAL UNIVERSITY “HERMILIO VALDIZAN”

3. Rational People Think at the Margin.

4. People Respond to Incentives.

1. People Face Tradeoffs.

2. The Cost of Something is What You Give Up to Get It.

Consequently, Behavior changes when costs or benefits change.

that is, which means we have to sacrifice something for other things.

Ex: I have a toy company, which usually produces 1,000 toys and I am certain that people want more toys, then I decide to produce 2000 toys.

In others words, to get one thing, you have to give up something else.

5. Trade Can Make Everyone Better Off.

7. Governments Can Sometimes Improve Market Outcomes.

6. Markets Are Usually a Good Way to Organize Economic Activity.

Companies offer products and people their work

Examples are regulations against monopolies and pollution.

People can buy a greater variety of goods or services.

8. A Country's Standard of Living Depends on Its Ability to Produce Goods and Services.

10. Society Faces a Short-Run Tradeoff Between Inflation and Unemployment.

9. Prices Rise When the Government Prints Too Much Money.

imagine that our family is a country and if each of the members is dedicated to producing work that is to allow for example the entire family to have more comfort: housing, health, etc.

Reducing inflation often causes a temporary rise in unemployment

this is inflation, we need more money to buy something

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