This document introduces the ten principles of economics according to Gregory Mankiw's economics textbook. It explains that economics studies how societies manage scarce resources and that individuals and societies face tradeoffs in their decision making. It discusses how rational people consider costs and benefits at the margin when making choices and how incentives influence behavior. Trade, markets, and government intervention are reviewed as mechanisms for organizing economic activity. Productivity, money supply, and inflation are linked to standards of living and unemployment rates.
1. PowerPoint® Lecture Presentation to accompany Principles of Economics, Third Edition N. Gregory Mankiw Prepared by Mark P. Karscig, Central Missouri State University.
