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...C h a p t e r in this chapter look for the answers to these questions ten seven micro principles of what kinds does economics address are how people make i n l s o f decisions microeonomics interact gregory mankiw economy as whole works premium powerpoint slides by ron cronovich south western part cengage learning all rights reserved is about scarcity limited nature society resources study manages its scarce g decide buy much work save and spend firms produce many workers hire decides divide between national defense consumer goods protecting environment other needs principle face tradeoffs involve examples faces an important tradeoff efficiency vs equality going party night before your midterm when gets most from leaves less time studying having more money stuff requires working prosperity distributed uniformly longer hours which leisure among members achieve greater that could otherwise be used redistribute income wealthy poor but reduces incentive shrinks size economic pie cost somet...