May 26, 2007

The Ten Principles of Economics

Posted in Basic Economic Concepts at 1:58 pm by davidprudente

So you’re now reading about the ten principles of economics. If you follow the highlighted link you’ll find a nice summary from the textbook publisher. If you think you really understand the ten principles, maybe you should watch this video of the translated version.

Study Question: Which of the Ten Principles do you think is the most important?



  1. davidprudente said,

    Or, which are the most important if you can’t narrow it down to just one…

  2. Brad Fisher said,

    Hey Mr. Prudente! My answer to your question would be that the most important of the 10 principles is that there is no free lunch. As much as we would all love a nice thick, juicy steak to be put on the table in front of us at no cost, it’s not going to happen. We could go on all day about the implicit and explicit opportunity costs should and should’nt be considered, but the fact of the matter is there is no free lunch…or dinner for that matter. Drop me and email sometime since I am at school and have sooo much time that I actually wrote on your blog.

  3. nicKLe said,

    wEll. um. The Cost of Something is What You Give Up to Get It.
    and also People Face Tradeoffs.
    oh and the 1st video was real funny but i couldnt wait for it to be over because the woman in the audience with the annoying laugh really irritated me. 😀

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