explain me the 10 principle of economic in simple words?

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David · Accepted Answer

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10 principles of economics; 1. People face trade-offs; since resources are scarce but they have alternate 
usages. So people face trade-offs in deciding where to go and how to use these scarce resources. 2. The 
cost of something is what you give up to get it; because people face trade-offs, they cannot get 
everything at the same time. So if they are getting something, they would be losing somewhere. And the 
things which you lose while doing some work,

explain me the 10 principle of economic in simple words?

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