If you want to be healthy in the areas of health, relationships, and money, you must master these economic principles.
Economy from Greek Oikonomos = Managing a household or in our case society. So take this out of the context of money. Economics is about people FIRST
Since all societies have scarce resources, we'll call economics the method for how people manage these scarce resources.
1. People Face Tradeoffs - to get one thing we like we usually have to give up another we like.
2. Opportunity Cost - Is what you give up to get something
3. Rational People Think at the Margin
4. People Respond to Incentive
5. Trade can make Everyone Better Off
6. Markets are Usually a good Way to Organize Economic Activity
7. Governments Can Sometimes Improve Market Outcomes - eg. Property Rights
8. A country's standard of living depends on its ability to produce goods & services
9. Prices Rise when the Government Prints Too Much Money - Inflation
10. Society faces a short-run trade-off between inflation and unemployment
Grab the Book Bryant Used as Source Material - Principles of Economics
Join Bryant's 30-Day Change Your Life Challenge
Join Bryant's In-Depth Coaching Program.
Support the show