You now have a taste of what economics is all about. In. the coming chapters, we will develop many specific insights about people, markets, and economies. Mastering these insights will take some effort, but it is not an overwhelming task. The field of economics is based on a few basic ideas that can be applied in many different Situations.

Throughout this book, we wili refer back to the Ten Principles of Economics highlighted in this chapter ana summarized. Whenever we do so, an icon will be displayed in the margin, as it is now. But even when that icon is absent,’you should keep these building blocks in mind. Even the most sophisticated economic analysis is built using the ten principles introduced here.