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In the first place: HOW PEOPLE MAKE DECISIONS
Secondly: HOW PEOPLE INTERACT WITH EACH OTHER
Finally: HOW THE ECONOMY WORKS AS A WHOLE
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.
Companies offer products and people their work
Examples are regulations against monopolies and pollution.
People can buy a greater variety of goods or services.
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