Description
Need help my assignment. Specifics are in the attachment. Must be free of plagiarism (Cant be 12% or more). I bolded the areas in the assignment that the instructor is particular about.
Here is reference:
Mankiw, N. Gregory (2015). Principles of Microeconomics (7th ed.). Stamford, CT: Cengage Learning
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Explanation & Answer
Attached.
Running head: THE PRINCIPLES OF ECONOMICS
The Principles of Economics
Name
Institution
Date
THE PRINCIPLES OF ECONOMICS
A family usually manage their functions in the same way as how economists view the
society. The family does this to ensure each member is satisfied. Scarcity of resources means that
some of the resources are limited hence for instance in a family set up each person cannot have
all that he/she needs. Economics is generally the study of how different society manages the
scarce resources. Economics is based on ten essential principles which are widely used in day to
day activities.
Making decisions
The ten principles of economics assists in the better understanding of the process
followed by people in making different decisions. To understand how people make their
decisions, the first four principles summarizes the process. The trade-offs which most people
face in their life can be evident in everyday actions like the how people use their free time. In
economics, trade –off is usually noted by the economy size as well as how the economy is
divided among the people. The principle usually explains that in life there exist trade-offs
(Mankiw, 2015).
The second ...