This document outlines 10 principles of economics according to an economics textbook. It discusses how individuals and societies face tradeoffs in managing scarce resources, and how rational decision making involves weighing costs and benefits at the margin. Markets are generally effective at organizing economic activity, but governments sometimes need to intervene to address market failures or inequities. A nation's standard of living ultimately depends on its productivity, and excess money creation by the government can lead to inflation, which trades off against unemployment in the short run according to the Phillips curve.

1. PowerPoint® Lecture Presentation to accompany Principles of Economics, Third Edition N. Gregory Mankiw Prepared by Mark P. Karscig, Central Missouri State University.

2. 1 INTRODUCTION

3. 1 Ten Principles of Economics