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PRINCIPLES OF ECONOMICS
INTRODUCTION
PRINCIPLES
EXAMPLES
QUESTIONS
ANSWERS
Topics of Discussion:–
❖WHAT IS ECONOMICS
❖10 PRINCIPLES OF ECONOMICS
❖APPLICATION OF PRINCIPLES
What is Economics
The branch of knowledge
concerned with the production,
consumption, and transfer of
wealth.
Principle 1
People Face Trade Offs
Trade off is a situation
that involves losing one
quality or aspect of
something in return for
gaining another quality
or aspect.
Society faces trade off between
Efficiency & Equity