1/u/0/?hl=en&tab=wm#inbox/FMfcgxwkhqgwdZgwFDwMsWPWkCTIVMJK?projector=18 = Open with Google Docs Page 2 of 3 Assignment Specifications Tutorial 1 Week 2 Question 3 (11 marks) Stated below are 8 Economic Principles that we have covered in this unit. Select any 2 (out of 8) and explain the application of the principle by providing real life examples. Your explanation of the principle is worth 3 marks. An appropriate example is worth 2.5 marks. (5.5 x 2 = 11 marks) Principle 1: People face trade-offs. Principle 2: The cost of something is what you give up to get it. Principle 3: Rational people think at the margin. Principle 4: People respond to incentives. Principle 5: Trade can make everyone better off. Principle 6: Markets are usually a good way to organize economic activity. Principle 7: Governments can sometimes improve market outcomes. Principle 8: A country's standard of living depends on its ability to produce goods and services 1/u/0/?hl=en&tab=wm#inbox/FMfcgxwkhqgwdZgwFDwMsWPWkCTIVMJK?projector=18 = Open with Google Docs Page 2 of 3 Assignment Specifications Tutorial 1 Week 2 Question 3 (11 marks) Stated below are 8 Economic Principles that we have covered in this unit. Select any 2 (out of 8) and explain the application of the principle by providing real life examples. Your explanation of the principle is worth 3 marks. An appropriate example is worth 2.5 marks. (5.5 x 2 = 11 marks) Principle 1: People face trade-offs. Principle 2: The cost of something is what you give up to get it. Principle 3: Rational people think at the margin. Principle 4: People respond to incentives. Principle 5: Trade can make everyone better off. Principle 6: Markets are usually a good way to organize economic activity. Principle 7: Governments can sometimes improve market outcomes. Principle 8: A country's standard of living depends on its ability to produce goods and services