Business, 02.03.2021 03:50 deadlydemon0500

Questions One The Principles of Economics
One: People Face Trade Offs Principle
Two: The Cost of Something Is What You Give Up to Get it Principle
Three: Rational People Think at the Margin Principle
Four: People Respond to Incentives Principle
Five: Trade Can make Everyone Better Off Principle
Six: Markets Are Usually A Good Way to Organize Economic Activity Principle
Seven: Governments Can Sometimes Improve Market Outcomes, Principle Eight: A Country’s Standard of Living Depends on Its Ability to Produce Goods & Services
Principle
Nine: Prices Rose When the Government Prints Too Much Money Principle
Ten: Society Faces a Short Run Trade Off Between Inflation and Unemployment

Questions Two
History of Economic Thought
1. Identify two economist
2. What was the economists contributions to economic thought
3. Explain impact on economics and/or nation
• Adam Smith
• Jean Baptiste Colbert
• David Ricardo
• Thomas Malthus
• Karl Marx
• John Maynard Keynes
• Milton Friedman

Question Three
Microeconomics
What is microeconomics?
Why study microeconomics?
• Define
• Explain
Markets Structure
What is market structure? Define and explain in your own words.
Identify three market structures and define and explain them in your own words.
• Monopoly
• Oligopoly
• Perfect Competition
• Imperfect Competition
• Monopolistic Competition
• Monopsony

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Questions One The Principles of Economics
One: People Face Trade Offs Principle
Two: Th...

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