CHAPTER1 TEN PRONCIPLRS OF ECONOMICS -How People Make Decisions Principle1:People Face Tradeoffs. Principle2:The Cost of Something is What You Give Up to Get It. Principle3:Rational People Think at the Margin. Principle4:People Respond to Incentives.
-How People Interact Principle5:Trade Can Make Everyone Better Off. Principle6:Markets Are Usually a Good Way to Organize Economic Activity. Principle7:Governments Can Sometimes Improve Market Outcomes.
-How the Economy Works as A Whole Principle8:A Country's Standard of Living Depends on Its Ability to Produce Goods and Services. Principle9:Prices Rise When the Government Prints Too Much Money. Principle10:Society Faces a Short-Run Tradeoff Between Inflation and Unemployment.