Can you please assist with posing an interesting question using a principle listed below to explain some pattern of events or behaviour that you personally have observed.

A really successful answer will be one thatbegins with a really interesting question and then uses an economic principle or principles to construct a plausible answer. Research does not have to be extensive, but data is required to support your claims. For example, if discussing certain costs and benefits, find some data to support the claims made about the size of these effects. Imagine you are talking to a relative or friend who has no background in economics and although a relevant fact or two might help make your argument more convincing.

Principles

• Principle 1: People face trade-offsLinks to an external site.
• Principle 2: Opportunity CostLinks to an external site.
• Principle 3: Rational people think at the marginLinks to an external site.
• Principle 4: People respond to incentivesLinks to an external site.
• Principle 5: Trade can make everyone better offLinks to an external site.
• Principle 6: Markets are usually a good way to organise economic activityLinks to an external site.
• Principle 7: Governments can sometimes improve market outcomesLinks to an external site.
• Principle 8: The standard of living depends on a country's productionLinks to an external site.
• Principle 9: Prices rise when governments print too much moneyLinks to an external site.
• Principle 10: Society faces a short-term trade off between inflation and unemploymentLinks to an external site.