Questions One

The Principles of Economics

Principle 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

please Explain and define thanks