Reflections on Chapter 1: Ten Principles of Economics

1. What in this chapter made me think about an economic concept differently than I did before?

I did take macroeconomics last Spring so I'm not reading about these principles for the first time. Knowing nothing about economics before that class, most of the ten principles were enlightening. Basically everything in the book made me think differently. My viewpoints on these economic concepts changed drastically about eight months ago so this chapter is not really making me see things differently. I do remember that after reading about opportunity costs (#2) for the first time, I began noticing that I was making trade-offs all the time in my personal life that I never really noticed.   Principle Number 5 (Trade Can Make Everyone Better Off) definitely changed my way of thinking about trade. I used to buy into the idea that losing jobs to oversees was such a terrible thing. Now I understand about comparative advantages and that, while it's not easy for people, evolving and changing one's skill set to fit the country's economy is sometime necessary. 

2. What new questions do you have now about the US economy based on this chapter?

Now that election season is upon us, I understand the role that policy makers play in relation to the economy much better. From an economics stand point, I see that it's not always in the country's best interest for them to try to offset what they see as negative economic activity. People vote based on short-term economic markers when often, economic cycles happen on their on in the long term. This semester I hope to gain a better understanding of when it's in the country's overall best interest to make fiscal and monetary changes and when it's just for political gain.