Robert H. Frank,
Cornell University Ben S. Bernanke,
Princeton University (formerly) Hon-Kwong Lui,
ISBN: 1259011844 Copyright year: 2015
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Highlighting the Core Principles of Economics
Principles of Economics Asian Global Edition provides students with a lens through which to view, understand, and analyze current economic scenarios by eliminating overwhelming detail. It makes extensive use of Asian and North American examples to explain the Seven Core Principles.
Scarcity: Having more of one good thing usually means
having less of another.
Cost-Benefit Analysis: No action should be taken unless the
marginal benefit is as great as the marginal cost.
Incentives Matter: Comparing cost-benefit analyses enables
us to predict actual decisions people make.
Comparative Advantage: Everyone does best if they
concentrate on their relatively most productive activity.
Increasing Opportunity Cost: Resources with the lowest
opportunity cost should be used before turning to those with higher opportunity
Equilibrium: A market in equilibrium leaves no unexploited
opportunities for individuals but may not exploit all gains achievable through
Efficiency: When the economic pie grows larger through
efficiency, everyone can have a larger slice.
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