1.

The 3 fundamental Economic Questions

2. The principle of rational economic decision making
Every activity should be ended up to the point where
the marginal benefits no longer exceeds the marginal
cost
3. The Principle of Rising Marginal Opportunity Cost
As we expand the level of any particular activity, the
marginal opportunity cost tends to increase
4. The principle of comparative advantage
The closely related law or principle of comparative
advantage holds that under free trade, an agent will
produce more of and consume less of a good for which
he has a comparative advantage.
The theory of comparative advantage is an economic
theory about the potential gains from trade for
individuals, firms, or nations that arise from differences
in their factor endowments or technological progress
5. The law of Diminishing Returns
6. The Law of Demand
Other things constant, the quantity of a goods that people
are ready and willing to buy varies inversely with price.
7. The Law of Supply
Other things constant, the quantity of a goods that sellers
are ready and willing to bring to market varies directly with
price.
8. The Principle of Market Equilibrium

9. The Principle of the Invisible Hand

Under certain ideal condition, competitive markets will
allocate resources in a way that maximizes the total
value produced for society.
10. The Principle of Market Failure