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How quickly could you sum up the principles of economics? While standing on one foot, Prof. Art Carden discusses the following economic principles in just over two minutes:
● Individuals strive to achieve their goals in the best ways possible.
● Every action has a cost.
● Incentives matter.
● Value is determined on the margin.
● Profits and losses help gauge value creation and destruction.
● Government interventions often have unintended and undesirable consequences.