TenPrinciplesofEconomicsTENPRINCIPLESOFECONOMICSWHAT’SNEW:ThediscussionsofPrinciple#4,“Peoplerespondtoincentives,”Principle#7,“es,”andPrinciple#10,“Societyfacesashort-runtradeoffbetweeninflationandunemployment”“businesscycle”“HowtoReadThisBook”:Bytheendofthischapter,studentsshouldunderstand:’,butnotperfect,:Chapter1isthefirstchapterinathree-,. :howpeoplemakedecisions,howpeopleinteract,,:Thefundamentallessonsaboutindividualdecisionmakingarethatpeoplefacetradeoffsamongalternativegoals,oneopportunities,paringmarginalcostsandmarginalbenefits,,thatmarketsareusuallyagoodwayofcoordinatingtradesamongpeople,,thatmoneygrowthistheultimatesourceofinflation,andthatsocietyfacesashort-runtradeoffbetweeninflationan
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