I learnt that economics is the study of how humans make decisions confronted with scarcity. After completing this course I am able to name the ten basic principles of economics. Out of the ten principles, I have found three that I apply to my daily life. The first principle is people face tradeoffs. This means people must make decisions. With every decision made you must choose which resource to give up in order to gain whatever is desired. Second, rational people think at the margin. Rational people act on a decision if and only if marginal benefit exceeds marginal cost. The third principle I use every day is trade makes everyone better off. Trading something we specialize in allows us to get something we need or want. Specialization and trade allows people to have a greater variety of goods or services. As you can see I have learnt an abundance of useful information throughout this
I learnt that economics is the study of how humans make decisions confronted with scarcity. After completing this course I am able to name the ten basic principles of economics. Out of the ten principles, I have found three that I apply to my daily life. The first principle is people face tradeoffs. This means people must make decisions. With every decision made you must choose which resource to give up in order to gain whatever is desired. Second, rational people think at the margin. Rational people act on a decision if and only if marginal benefit exceeds marginal cost. The third principle I use every day is trade makes everyone better off. Trading something we specialize in allows us to get something we need or want. Specialization and trade allows people to have a greater variety of goods or services. As you can see I have learnt an abundance of useful information throughout this