1) Principle 1: People face tradeoffs

2) Principle 2: Opportunity Cost: The cost of something is what you give up to get it

3) Principle 3: Rational people think at the margin

4) Principle 4: People respond to incentives 5) Principle S: Trade (or Specialization) can make everyone better off

6) Principle 6: Markets are usually a good way to organize economic activity

7) Principle 7: Governments can sometimes improve market outcomes 8) The production possibilities frontier

9) Absolute advantage

10) Comparative advantage 11) Demand curve: a change in the price of the good itself

12) Demand curve: a change in income: normal good 13) Demand curve: a change in income: inferior good

14) Demand curve: a change in the prices of related goods: substitutes

15) Demand curve: a change in the price of related goods: complements

16) Demand curve a change in the number of buyers 17) Demand curve: a change in tastes and preferences.

18) Demand curve: a change in buyers' expectations

19) Supply curve: a change in the price of the good itself

20) Supply curve: a change in input prices 21) Supply curve: a change in technology

22) Supply curve: a change in sellers' expectations 23) Supply curve: a change in the number of sellers

24) A market equilibrium

25) A market surplus 26) A market shortage

27) The price elasticity of demand 28) The price elasticity of supply

29) The income elasticity of demand

30) The cross-price elasticity of demand

33) A price ceiling 32) A price floor

33) A tax on buyers and/or sellers

34) Consumer surplus