You now have a ta>te of what economics is all about. In the coming chapters, we develop many specific insights about people, markets, and economic». Mastering these insights will take some effort, but it is not an overwhelming task. The field of economics is based on a few big ideas that can be applied in many different situations.
business cycle fluctuations in economic «Klroity. such «« employment and production
Throughout this book, we will refer back to the Ten Principles of Economics highlighted in this chapter and summarized in Table 1. Keep these building blocks in mind: Even the must sophisticated economic analysis is founded on the ten principles introduced here.
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