Group Japan - 10 Principles
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Transcript of Group Japan - 10 Principles
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principle 1people face tradeoffs
Villamor
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man has unlimited wants
and needs
resources are
scarce and
limited
||||||||||||||||||||
Juan wants to buy many things.
He has 300 pesos to spend.
Php300=
6 burgers
Php300=
11 liters
Php300=
1 text book
If Juan decides to buy the text book
he will have to give up the 6 burgers
and 11 liters of Coke
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Principle 2: Opportunity Cost
The cost of something is what you give up to get it
Zamora
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2 choices—A or B
(you pick A)
Choice A Choice B
WHAT YOU GET
OPPORTUNITY COST
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{
Rational People Think At The Margin
Principle # 3
Villanueva
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Calaranan
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Calaranan
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Principle 6Markets Are Usually a Good Way to
Organize economic Activity
Reyes
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{
Governments Can Sometimes Improve Market Outcomes
Principle # 7
Villanueva
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Principle 8: A Country’s Standard of Living Depends on its Ability to
Produce Goods and Services
Productivity: the quantity of goods and services produced from each hour of a
worker’s time
Zamora
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More goods and services produced per hour of working time
Higher the overall income of the country (so more needs can be provided for)
Better standard of living for people
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Principle 9Prices Rise When the Government
Prints too much Money
Joseph
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principle 10Society faces a short-run tradeoff between inflation and unemployment
Villamor
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increase in
employment
more money
to spend
increase in
demand
increase in
prices
increase in
spending
less money
to spend
decrease in
spending
decrease in
employment
decrease in
demand
decrease in
prices