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Running Head: PRINCIPLES OF ECONOMICS

Principles of economics
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PRINCIPLES OF ECONOMICS

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Principles of economics
The economic conditions in any nation constantly keep changing from one generation to
the other and hence the different economic challenges to handle, due to several factors including
the human resources, capital, technology, and the natural resources, which are the core
influencers to the economy (Mankiw, 2020). The stability of the economy is highly guided by
several principles which include the costs compared to the profits of the trades, availability of the
incentives which actively motivate d the operations of the economy and the coordination of the
market flow among other principles. Also, the economy is well managed under regulations put in
place, to administer the consumptions in the marketplace, which include the natural economic
law, the macro-economic law and also the control of the market economy. With every economy,
the indicators serve an essential function of the analysis of the economy to determine the
performance and hence the future predictions of the business cycles. The economic indicators are
grouped into three categories which include the leading, which refers to the short-term predictors
of the economy such as the equities. Also, the lagging indicators such as the employment and the
coincident index, including the gross domestic profits. Therefore the following paper will
analyze more of the data pertaining to the principles of economics and the impacts of each
towards economic growth.
Question 1
Full employment is technically defined as the situation when the cases of unemployment
have fallen below the lowe...