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Nine Principles of Economic ThinkingNine Principles of Economic Thinking Everything has a costEverything has a cost Peop...
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Economic thinking powerpoint

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Transcript of "Economic thinking powerpoint"

  1. 1. Nine Principles of Economic ThinkingNine Principles of Economic Thinking Everything has a costEverything has a cost People choose for good reasonsPeople choose for good reasons Incentives matterIncentives matter Economic actions carry secondary effectsEconomic actions carry secondary effects People gain from voluntary tradePeople gain from voluntary trade Economic Thinking is marginal thinkingEconomic Thinking is marginal thinking The price of a good or service is affected byThe price of a good or service is affected bypeople’s choicepeople’s choice People create economic systems to influencePeople create economic systems to influencechoice and incentiveschoice and incentives The test of a theory is its ability to predictThe test of a theory is its ability to predict

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