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The 10 principles of economics are:
1. People face trade-offs: This principle acknowledges that people cannot have everything they want and must make choices about how to allocate their resources.
2. The cost of something is what you give up to get it: This principle recognizes that the true cost of something is not just its price tag, but also the value of the next best alternative that must be sacrificed to obtain it.
3. Rational people think at the margin: This principle states that rational individuals make decisions by weighing the costs and benefits of each additional unit of an activity or resource.
4. People respond to incentives: This principle asserts that individuals are more likely to take certain actions when they are incentivized to do so.
5. Trade can make everyone better off: This principle explains that voluntary exchange between parties can lead to mutually beneficial outcomes.
6. Markets are usually a good way to organize economic activity: This principle suggests that markets are efficient and effective in allocating resources and determining prices.
7. Governments can sometimes improve market outcomes: This principle acknowledges that there may be instances when government intervention is necessary to address market failures or achieve certain economic objectives.
8. A country’s standard of living depends on its ability to produce goods and services: This principle highlights the importance of a country’s productivity in determining its economic well-being.
9. Prices rise when the government prints too much money: This principle recognizes that excessive money supply leads to inflation and erodes the purchasing power of currency.
10. Society faces a short-run trade-off between inflation and unemployment: This principle describes the Phillips curve relationship, which suggests that policy choices can influence the trade-off between low unemployment and stable prices in the short run.
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