Mankiw’s Ten Principles of Economics

This week, we jump right in and talk about markets. You probably already have a sense of what a market is, but what do you know about economics? The short video below highlights Gregory Mankiw’s 10 principles, considered to be the core of economics.

Watch the video before responding to this week’s discussion prompts!

Please respond to the following:

  • Identify two of the economic principle(s) or topic(s) that you want to learn more about … and why.
  • Discuss a recent price increase of a product (or service) you were in the market to buy. Did you buy the product at the higher price? Why or why not? Was the price increase you observed caused by an increase in demand or a decrease in supply? Explain?

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