Questions and Answers
What is the primary focus of the 10 principles of economics?
Understanding how individuals make choices when faced with scarcity
Which principle of economics emphasizes the idea that people face trade-offs?
Principle 1: People face trade-offs
Which principle of economics relates to the concept that trade can benefit everyone?
Principle 5: Trade can make everyone better off
Which principle of economics suggests that individuals respond to incentives?
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Which principle of economics refers to the idea that the cost of something is what you give up to get it?
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Which principle of economics highlights the role of government in promoting efficiency and equity?
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