This document contains a group assignment on managerial economics. It lists 7 group members and discusses 5 principles of economics: (1) people face trade-offs, (2) people respond to incentives, (3) trade can make everyone better off, (4) prices rise when the government prints too much money, and (5) the standard of living depends on a country's production. For each principle, it provides a short example or explanation.

1. MANAGERIAL
ECONOMICS
Group
Assignment -1

2. SECTION – E
GROUP MEMBERS
• Jay Vaja
• Raj Chhabra
• Rishita Vyas
• Aman Parmar
• Kavya Gandhi
• Ronak Suhagiya
• Shailesh Baghel

3. PRINCIPLES OF ECONOMICS
i. People face trade-offs
ii. People respond to incentives.
iii. Trade can make everyone better off
iv. Prices Rise When the Government Prints Too Much Money.
v. The Standard of Living Depends on a Country's Production

4. PEOPLE FACE
TRADE-OFFS
90% of all jobs and promotions are
a trade-off between money earned
and the time required. At junior
levels, you clock in mandated
hours of attendance for your fixed
salary. As you grow in
responsibility and compensation,
the demands on your time eat into
your daily hours, weekends and
holidays. To solve this trade-off,
either change or expand your skill
set. Imagine a super-specialist
doctor vs a general practitioner
at a hospital.

5. PEOPLE
RESPOND TO
INCENTIVES
In the UK raising the pension age from 60 to 61 lay
to more women in empowerment at age 60. In
Spain, people with worse health were more
responsive to financial incentives and less
generates pension pay-out in France normal
retirement rather than disability insurance meant
40 people hire work hours on average between
the ages of 65- and 64 another paper found that
pensioners respond to incentives in a different way
if they stand to gain more by waiting before they
claim then they are more likely to wait

6. TRADE CAN MAKE
EVERYONE BETTER
OFF
The world wants to
expand its trading
relationship and
friendship with India.
Looking at the potential
in terms of a large
market and the potential
we have to help their
economies survive and
grow

7. PRICES RISE WHEN
THE GOVERNMENT
PRINTS TOO MUCH
MONEY
Protests started in the capital,
Colombo, in April and spread
across the country.
People have been struggling
with daily power cuts and
shortages of basics such as
fuel, food and medicines.
Inflation is running at more
than 50%.

8. THE STANDARD OF
LIVING DEPENDS ON A
COUNTRY'S PRODUCTION
The difference in the living standard
around the world staggering. In
2008, the average American had an
income of about $47,000. In the
same year, the average Mexican
earned about $10,000 and the
average income of Nigerian earned
only $1400. Not surprisingly, this
large variation In average income is
reflected in various measure of the
quality of life. Citizen of high income
countries have more TV sets, more
cars , better nutrition , better health
care and longer life expectancy than
citizen of low income countries.