Ten princiles of ecanomic

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Full name :Marjona Abdurasulova Home Assignment Chapter 1 Intraduction to economics.

TEN PRINCILES OF ECANOMIC

How people make decision

Principle 1: People face trade-offs

The first principle of economic, I can understand that people buy products in the market according to their needs and opportunities and the price of these products, in turn, depends on the supply and demand in the mark. Also, the economy acts as a balance between supply and demand in the market. The basis of this principle is efficiency, and equality that is society should use scarce recourses wisely and distribute resources correctly to members of society.