Ten Principles of Economics What Economics Is All AboutScarcity: the limited nature of society’s resources(稀缺性:社会资源的有限性)Economics: the study of how society manages its scarce resources(经济学:研究社会如何管理自己的稀缺资源)how people decide what to buy, how much to work, save, and spendhow firms decide how much to produce, how many workers to hirehow society decides how to divide its resources between national defense, consumer goods, protecting the environment, and other needs*The principles of :HOW PEOPLE MAKE DECISIONSPRINCIPLE #1: People Face Tradeoffs(原理一:人们要面临权衡取舍)All decisions involve tradeoffs
(所有的选择都包含权衡取舍)Going to a party the night before your midterm leaves less time for studying
Having more money to buy stuff requires working longer hours, which leaves less time for leisure
Protecting the envir