PRINCIPLE 3: RATIONAL PEOPLE THINK AT THE MARGIN

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PRINCIPLE 3: RATIONAL PEOPLE THINK AT THE MARGIN Economists normally assume that people are rational. Rational people systematically and purposefully do the best they can to achieve their objectives, given the opportunities they have. As you study economics, you will encounter firms that decide how many workers to hire and how much of their product to  manufacture […]

PRINCIPLE 2: THE COST OF SOMETHING IS WHAT YOU GIVE UP TO GET IT

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PRINCIPLE 2: THE COST OF SOMETHING IS WHAT YOU GIVE UP TO GET IT Because people face trade-offs, making decisions requires comparing the costs and benefits of alternative courses of action. In many cases, however, the cost of some action is not as obvious as it might first appear. Consider, for example, the decision to go to […]

PRINCIPLE 1: PEOPLE FACE TRADE-OFFS

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PRINCIPLE 1: PEOPLE FACE TRADE-OFFS The first lesson about making decisions is summarized in the adage “There is no such thing as a free lunch.” To get one thing that we like, we usually have to give up another thing that we like. Making decisions requires trading off one goal against another.Consider a student who must decide […]

Ten Principles of Economics

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Ten Principles of Economics The word economy comes from the Greek word oikonomos, which means “one who manages a household.” At first, this origin might seem peculiar. But in fact, households and economies have much in common. A household faces many decisions. It must decide which members of the household do which tasks and what each member gets […]