Unit 1 Class DB: Ten Principles of Economics

Unit 1 Class DB: Ten Principles of Economics

Choose an article publishedin the last two weeksin one of these three resources (Wall Street Journal, Business Week, Economist).Discuss how the article relates to one or more of the Ten Basic Principles of Economics:

1. People Face Trade-offs
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 Everyone 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

Scarcity, economics, efficiency, equality, opportunity cost, rational people, marginal change, incentive, market economy, property rights, market failure, externality, market power, productivity, inflation, business cycle, trade-offs, absolute advantage, comparative advantage, imports, exports.

Supplemental Resources:

https://www.wsj.com/

https://www.bloomberg.com/businessweek

https://www.economist.com/

these are link to provide you with more on how to answer this.

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