Question.793 - The word "economy" comes from the Greek oikonomos which means "one who manages a household." Management of a society's resources is important because resources are scarce. So "economics" becomes the study of how we make choices regarding our scarce resources in order to run our households. There are many facets to economics, but theTen Principles describe the basic choice process. Greg Mankiw, a Harvard economist and former Chair of the President's Council of Economic Advisors, presents these in his text and the PPT. Describe how you have made choices using one or more of the 10 Principles.
Answer Below:
After xxxxxxx the xxx principles xx economics x have xxxx choices xxxxx the xxxxxx Principle xx Opportunity xxxx Opportunity xxxx states xxxx when xxxxxxxx one xxxx consider xxx cost xx the xxxxxxxxx best xxxxxxxxxxx For xxxxxxxx when xxxxxxxx whether xx not xx go xx college x had xx evaluate xxx cost xx not xxxxxxxxx college xxx cost xx lost xxxxx missed xxxxxxxxxxxxx and xxxxxxxxx skills xxxxx I xxxxxxx to xx to xxxxxxx taking xxxx account xxx opportunity xxxx of xxx doing xx Also x have xxxx choices xxxxx the xx Principle xx Marginal xxxxxxxx According xx this xxxxxxxxx one xxxxx decisions xxxxx on xxx marginal xxxxxxxx and xxxxxxxx costs xx each xxxxx unit xx an xxxxxxxx For xxxxxxx when xxxxxxxx which xxxxxxx to xxxxxx I xxxxxxx the xxxxxxxx benefits xx attending xxxx college x g xxxxxxx of xxxxxxxxx proximity xx home xxx with xxx marginal xxxxx of xxxxxxxxx each xxxxxxx e x tuition xxxx etc x then xxxx this xxxxxxxxxx to xxxxxx the xxxxxxx that xxxxxxxx the xxxx benefit xxx the xxxxxx cost xxxxxx in xx daily xxxx I xxxx used xxx or xxxx of xxxxx principles xxxxx day xxxxMore Articles From Economics
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