Respond to the questions in a thorough manner, providing specific examples of
concepts, topics, definitions, and other elements asked for in the questions. Your
paper should be highly organized, logical, and focused.
Each scenario below practices one of the 10 Principles of Economics. Match the
principles to the appropriate scenario listed and justify your answer. Each principle will
only be used once. Refer to Chapter 1 for the details on the principles of economics.
Also, watch the Chapter 1: “Why Does Economics Matter?” video.
10 Principles of Economics:
1. People Face Trade-offs.
2. The Cost of Something Is What You Give Up to Get It.
3. Rational People Think at the Margin.
4. People Respond to Incentives.
5. Trade Can Make Everyone Better Off.
6. Markets Are Usually a Good Way to Organize Economic Activity.
7. Governments Can Sometimes Improve Market Outcomes.
8. A Country’s Standard of Living Depends on Its Ability to Produce Goods and
Services.
9. Prices Rise When the Government Prints Too Much Money.
10.Society Faces a Short-Run Trade-off Between Inflation and Unemployment.
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