Basic Economic Concepts
1. Scarcity
Exists
2. People Face
Tradeoffs and Have to Make Choices
3. The Cost of
Anything is What you Give Up to Get It
4. People are
Rational and Make Decisions Based on Weighing Costs and Benefits
5. People
Respond to Incentives
6. Voluntary
Trade Can Make Everyone Better Off
7. Markets Are
a
8. People
Create Economic Systems That Influence Economic Decisions
9. People’s
Choices Have Consequences That Lie in the Future