Chapter 1 - Ten Principles of Economics

The Ten Principles
Principle 1:

Principle 2:

Principle 3:

Principle 4:

Principle 5:

Principle 6:

Principle 7:

Principle 8:

Principle 9:

Principle 10:

Vocabulary
Scarcity

Definition: The limited nature of society's resources.

What It Means: 

Economics

Definition:

What It Means:

Efficiency

Definition:

What It Means:

Equality

Definition:

What It Means:

Opportunity Cost

Definition:

What It Means:

Rational People

Definition:

What It Means:

Marginal Changes

Definition:

What It Means:

Incentive

Definition:

What It Means:

Market Economy

Definition:

What It Means:

Property Rights

Definition:

What It Means:

Market Failure

Definition:

What It Means:

Externality

Definition:

What It Means:

Market Power

Definition:

What It Means:

Productivity

Definition:

What It Means:

Inflation

Definition:

What It Means:

Business Cycle

Definition:

What It Means: