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Students need the ability to understand and evaluate our changing economy. Principles of Economics, by Robert H. Frank and Ben S. Bernanke, provides students with the tools necessary to analyze current economic problems. By eliminating overwhelming detail and focusing on Seven Core Principles, the Middle East Edition helps students achieve a deep mastery of what is essential to understanding economics.
The Seven Core Principles
Scarcity: Having more of one good thing usually means having less of another.
Cost-Benefit Analysis: No action should be taken unless the marginal benefit is as great as the marginal cost.
Incentives Matter: Comparing cost-benefit analyses enable us to predict actual decisions people make.
Comparative Advantage: Everyone does best if they concentrate on their relatively most productive activity.
Increasing Opportunity Cost: Resources with the lowest opportunity cost should be used before turning to those with higher opportunity costs.
Equilibrium: A market in equilibrium leaves no unexploited opportunities for individuals but may not exploit all gains achievable through collective action.
Efficiency: When the economic pie grows larger through efficiency, everyone can have a larger slice.
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