Mankiw 10 Principles

Mankiw's 10 Principles

Although the study of economics has many facets, the field is unified by several central ideas. The Ten Principles of Economics offer an overview of what economics is all about.

Table

Number	Principle
1	People Face Tradeoffs
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
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 Tradeoff Between Inflation and Unemployment
The first four are about...	how people make decisions
The second set of principles (three of them) are about...	how the economy works as a whole
The final three principles are about...	how people interact
	memorize

 

This is a work in progress