Economics

Card Set Information

Author:
benmfox
ID:
3188
Filename:
Economics
Updated:
2009-12-15 20:38:03
Tags:
10 Key Elements of Economics
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Description:
10 key Elements of Economics
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  1. 1
    Incentives Matter
  2. 2
    There is no such thing as a free lunch
  3. 3
    decisions are made at the margin
  4. 4
    trade promotes economic progress
  5. 5
    transaction costs are an obstacle to trade
  6. 6
    Profits bring in wealth
  7. 7
    people earn income by helping others
  8. 8
    economic progress comes primarily through trade, investment, better ways of doing things, and sound economic institutions
  9. 9
    the invisible hand directs buyers and sellers toward activities that promote wellfare
  10. 10
    Too often the unintended consequences are ignored

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