If college-age athletes drop out of college to play professional sports, principle # is the underlying cause. O Principle #1: People (Including Individuals and Society As a Whole) Face Tradeoffs Principle #2: The Cost of Something is What You Give Up to Get It Rotie nel D eeple Thinl, at the dergin Drineinle H2.
If college-age athletes drop out of college to play professional sports, principle # is the underlying cause. O Principle #1: People (Including Individuals and Society As a Whole) Face Tradeoffs Principle #2: The Cost of Something is What You Give Up to Get It Rotie nel D eeple Thinl, at the dergin Drineinle H2.
Chapter1: What Economics Is About
Section: Chapter Questions
Problem 3QP
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Question
![If college-age athletes drop out of college to play professional sports, principle #
is the underlying cause.
Principle #1: People (Including Individuals and Society As a Whole) Face Tradeoffs
Principle #2: The Cost of Something is What You Give Up to Get It
Principle #3: Rational People Think at the Margin
Principle #4: People Respond to Incentives
Principle #5: Trade Can Make Everyone Better Off
Principle #6: Markets Are Usually A Good Way to Organize Economic Activity
Principle #7: Governments Can Sometimes Improve Market Outcomes
Principle #8: A country's standard of living depends on its ability to produce goods and services.
Principle #9: Prices rise when the government prints too much money.
Principle #10: Society faces a short-run tradeoff between inflation and unemployment.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0b7c0c41-fd1c-4bca-a454-952fbfd25498%2F35bda7c2-c79c-4938-b9e8-4ed735da4249%2F5gqzk4b_processed.png&w=3840&q=75)
Transcribed Image Text:If college-age athletes drop out of college to play professional sports, principle #
is the underlying cause.
Principle #1: People (Including Individuals and Society As a Whole) Face Tradeoffs
Principle #2: The Cost of Something is What You Give Up to Get It
Principle #3: Rational People Think at the Margin
Principle #4: People Respond to Incentives
Principle #5: Trade Can Make Everyone Better Off
Principle #6: Markets Are Usually A Good Way to Organize Economic Activity
Principle #7: Governments Can Sometimes Improve Market Outcomes
Principle #8: A country's standard of living depends on its ability to produce goods and services.
Principle #9: Prices rise when the government prints too much money.
Principle #10: Society faces a short-run tradeoff between inflation and unemployment.
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