Your first blog entry should respond to the following questions centered around Chapter 1 in your text:
What in this chapter made you think about an economic concept differently than your previous beliefs?
What new questions do you have now about the US economy based on this chapter?
I never heard of the ten principles of economics.Scarcity has a whole new meaning for sure.My grandfather and father had this rudimentary economic belief cycle comprised of just a few steps. “You go to work to make the money to buy the food to have the energy to go to work…” and on and on. My father ended up president of a large clothing company and I remember it was near bankruptcy when he took the reins and he was about as rational a person as there is. “Cheap” is what I called him, but I remember him analyzing household items using the words “marginal benefit”. I guess he must have took Micro or Macro at Yale. I was also wrong about the booming economy of China ruining the U.S.Trade makes us each better off(even though there seems an abundance of Chinese consumer products. I didn’t know about the perils of printing too much money.What causes inflation? The quantity of money was the furthest thing from my mind.My question to the U.S.Treasury currency issue is how much is too much and are we already there?