Ten principles (1)

PowerPoint® Lecture Presentation to accompany Principles of Economics, Third Edition N. Gregory Mankiw Prepared by Mark P. Karscig, Central Missouri State University.

TEN PRINCIPLES OF ECONOMICS ,[object Object],[object Object],[object Object],[object Object],[object Object]

TEN PRINCIPLES OF ECONOMICS ,[object Object],[object Object],[object Object]

TEN PRINCIPLES OF ECONOMICS ,[object Object]

TEN PRINCIPLES OF ECONOMICS ,[object Object],[object Object],[object Object],[object Object]

Principle #1: People Face Tradeoffs. ,[object Object]

Principle #1: People Face Tradeoffs. ,[object Object],[object Object],[object Object],[object Object],[object Object],Making decisions requires trading off one goal against another.

Principle #1: People Face Tradeoffs ,[object Object],[object Object],[object Object]

Principle #2: The Cost of Something Is What You Give Up to Get It. ,[object Object],[object Object],[object Object],[object Object],[object Object]

Principle #2: The Cost of Something Is What You Give Up to Get It. ,[object Object]

Principle #3: Rational People Think at the Margin. ,[object Object],People make decisions by comparing costs and benefits at the margin.

Principle #4: People Respond to Incentives. ,[object Object],[object Object]

Principle #5: Trade Can Make Everyone Better Off. ,[object Object],[object Object],[object Object]

Principle #6: Markets Are Usually a Good Way to Organize Economic Activity. ,[object Object],[object Object],[object Object]

Principle #7: Governments Can Sometimes Improve Market Outcomes. ,[object Object],[object Object]

Principle #7: Governments Can Sometimes Improve Market Outcomes. ,[object Object],[object Object],[object Object]

Principle #8: The Standard of Living Depends on a Country’s Production. ,[object Object],[object Object],[object Object]

Principle #8: The Standard of Living Depends on a Country’s Production. ,[object Object],[object Object]

Principle #9: Prices Rise When the Government Prints Too Much Money. ,[object Object],[object Object],[object Object]

Principle #10: Society Faces a Short-run Tradeoff Between Inflation and Unemployment. ,[object Object],[object Object],[object Object]

Summary ,[object Object],[object Object],[object Object],[object Object]

Summary ,[object Object],[object Object],[object Object]

Ten principles (1)

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