Q
QuestionEconomics

What are the 7 principles of microeconomics?
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Answer

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Step 1
Here are the 7 key principles of microeconomics:

Step 2
: Scarcity and Choice

- Resources are limited, so individuals and societies must make choices about how to allocate these scarce resources - Every choice involves an opportunity cost (what is given up to obtain something else)

Final Answer

The 7 principles of microeconomics are Scarcity and Choice, Rational Self-Interest, Marginal Analysis, Supply and Demand, Market Efficiency, Diminishing Returns, and Market Intervention and Externalities.