10 key elements_of_economics

Common Sense Economics What Everyone Should Know About Wealth & Prosperity by James Gwartney, Richard Stroup, and Dwight Lee 10 Key Elements of Economics CommonSenseEconomics.com

Ten Key Elements of Economics ,[object Object],[object Object],[object Object],[object Object]

What are Incentives? ,[object Object],[object Object],[object Object]

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The condition of scarcity ,[object Object],[object Object],[object Object]

To Choose is to Refuse ,[object Object],[object Object],[object Object]

But, but, but… ,[object Object],[object Object],[object Object]

3. Decisions are made at the margin.

Marginalism… ,[object Object],[object Object],[object Object],[object Object]

Marginal Decision Examples… ,[object Object],[object Object],[object Object],[object Object],[object Object]

4. Trade promotes economic progress.

People gain when they trade… ,[object Object],[object Object],[object Object]

Trade exists at many levels… ,[object Object],[object Object],[object Object],[object Object],[object Object]

5. Transaction costs are an obstacle to trade.

Transaction Costs ,[object Object],[object Object],[object Object],[object Object],[object Object]

Why do we experience transaction costs? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

6. Profits direct business toward activities that increase wealth.

Why profits are not the enemy… ,[object Object],[object Object],[object Object],[object Object]

Losses just as important! ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

7. People earn income by helping others.

Earning Income ,[object Object],[object Object],[object Object],[object Object]

Income Variation ,[object Object],[object Object],[object Object]

8. Economic progress comes primarily through trade, investment, better ways of doing things, and sound economic institutions.

What is Economic Progress? ,[object Object],[object Object],[object Object]

Sources of Economic Growth ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

9. The “invisible hand” of market prices directs buyers and sellers toward activities that promote the general welfare.

Invisible What? ,[object Object],[object Object]

Friedrich von Hayek ,[object Object],[object Object],[object Object],[object Object]

10. Too often long-term consequences, or the secondary effects, of an action are ignored.

Unintended Consequences ,[object Object],[object Object],[object Object],[object Object]

10 key elements_of_economics

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10 key elements_of_economics