12 Principles of Economics.

This Discussion deals with the 12 Principles of Economics. The specific discussion areas include the economic principles that guide how people make economic decisions (choices), how people interact in markets, and how the economy as a whole works.

Read Chapter 1 to identify particular economic principles that guide the various economic decision making processes. Remember to include your references or links to the websites that are important contributors to your comments.

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Economic agents are those individuals, firms, and government officials that make decisions that affect the economy.

Why do economic agents need to make choices in the decision making process? What are the factors that force us to make choices among the viable alternatives at our disposal during a given period of time?

Why do economic agents face tradeoff in our economic choices (economic decision making) process? How do we make a rational choice among the viable alternatives we have as individuals or business owners?

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