The 10 Principles of Economics: Principles 5 - 7 | Microeconomics

As we make our way through the 10 principles of economics — the basic building blocks of the study of economics — we'll take a look at principles 5, 6, and 7, which deal with how people interact. These three principles are: Trade Can Make Everyone Better Off, Markets Are Usually A Good Way to Organize Economic Activity, and Governments Can Sometimes Improve Market Outcomes. Let's take a look at the definition of each, and how each works in practice.

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00:00 Intro
00:27 Trade Can Make Everyone Better Off
01:16 Markets Are Usually A Good Way to Organize Economic Activity
02:14 Governments Can Sometimes Improve Market Outcomes

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