BUS 171 Foundations of Economics
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Five foundations of economics as per the course BUS 171 Foundations of Economics are as follows:
- Opportunity cost
- Marginal thinking
- The principle that trade creates value
The foundations of economics as per the course BUS 171 Foundations of Economics are the application of basic economic concepts and decision-making skills. The scarcity and the different methods of allocation of goods and services are included in it.
Following are four principles of economic decision-making as per the course BUS 171 Foundations of Economics:
(1) People face tradeoffs
(2) The cost of something is what you give up to get it
(3) Rational people think at the margin
(4) People respond to incentives
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