Explain why (5, 2) and (2, 5) do not represent the same

Principles of Economics-I What is Economics  Supply and Demand  Inflation  Concept of money  GDP  Finance  Textbook Definition: o The study of how to allocate scarce resources with alternative uses. Opportunity Cost  Next best alternative forgone Who faces scarcity  Individuals  Government  Firms (businesses) Chapter 1 Big Ideas: Big Idea #1: Incentives  Incentives Matter  Rewards or penalties that influence behavior o Example: High GPA on resume for going to and completing courses o Example: Getting a ticket from speeding. Big Idea #3: Trade-offs are everywhere  Opportunity cost  Example: going to college--- tuition and the amount of time Model:  Simpl