1, people face trade-offs.
The price of something is to get what it gives up.
3. Rational people consider marginal quantities.
4. People will respond to incentives.
Trade can make everyone live a better life.
6. The market is usually a good way to organize economic activities.
7. The government can sometimes improve market results.
The living standard of a country depends on its ability to produce goods and services.
When the government issues too much money, prices will rise.
10, society is facing a short-term trade-off between inflation and unemployment.