Ten Principles of Economics. Chapter 1. Principle of Economics

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Summary of Principle of Economics. Gregory Mankiw.
1. People face tradeoffs.
2. The cost of something is what you give up to get it.
3. Rational people think at the margin.
4. People respond to incentives.
5. Trade can make everycone better off.
6. Markets are usually a good way to organize economic activity
7. Governments can sometimes improve market outcomes.
8. A country’s standard of living depends on its ability to produce goods and services.
9. Prices rise when the government prints too much money.
10. Society faces a short-run trade off between inflation and unemployment