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1Ten Principles of EconomicsTapas PaulDepartment of EconomicsCopyright 2004 South-Western/Thomson LearningBeginning of EconomicsKautilyaAdam SmithKeynesCopyright 2004 South-Western/Thomson Learning1Economy. . .. . . The word economy comes from a Greekword for one who manages a household.Copyright 2004 South-Western/Thomson LearningTEN PRINCIPLES OFECONOMICS A household and an economyface many decisions: Who will work? What goods and how many of them should beproduced? What resources should be used in production? At what price should the goods be sold?Copyright 2004 South-Western/Thomson Learning2TEN PRINCIPLES OFECONOMICSSociety and Scarce Resources: The management of societys resources isimportant because resources are scarce. Scarcity. . . means that society has limited resourcesand therefore cannot produce all the goods andservices people wish to have.Copyright 2004 South-Western/Thomson LearningTEN PRINCIPLES OFECONOMICSEconomics is the study of how society managesits scarce resources.Copyright 2004 South-Western/Thomson Learning3TEN PRINCIPLES OFECONOMICS How people make decisions.People face tradeoffs.The cost of something is what you give up to get it.Rational people think at the margin.People respond to incentives.Copyright 2004 South-Western/Thomson LearningTEN PRINCIPLES OFECONOMICS How people interact with each other.

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