Answer
Full Solution Locked
Sign in to view the complete step-by-step solution and unlock all study resources.
Step 1Here 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.
Need Help with Homework?
Stuck on a difficult problem? We've got you covered:
- Post your question or upload an image
- Get instant step-by-step solutions
- Learn from our AI and community of students