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1) Everyone faces tradeoffs
2)The cost of something is what you give up to get it.
3)Rational people think at the margin
4)Everyone responds to incentives
5)Everyone benefits from trade
6)Markets are a good way to organize economic activity.
7)The government can sometimes improve market outcomes.
8)A country's standard of living depends on its ability to produce goods and services.
9)Prices rise as the government prints too much money.
10)Society faces a short-run tradeoff between inflation and unemployment.
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Economics is the branch of social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Greek for oikos (h ouse) and nomos (custom or law), hence "rules of the house(hold) Modern Economics developed out of the broader field of political economy in the late 19th century, owing to a desire to use an empirical approach more akin to the physical sciences The subject thus defined involves the study of choices as they are affected by incentives and resources.Areas of economics may be divided or classified into various types, including: * microeconomics and macroeconomics * positive economics ("what is") and normative economics ("what ought to be") * mainstream economics and heterodox economics * fields and broader categories within economics. source: www.en.wikipedia.org
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