What is an economic principle?

Answer by  davidgorman (33)

These are principles of how the economy pending on which economist you study each has a list of their main principles or their top ten or such. These could be headed: supply, Demand, Equilibrium, Efficiency, Scarcity, Monopoly pricing, government intervention, and so on. Each has an effect on an economy such as when demand exceeds supply forcing consumer prices up.

Answer by  ironman (75)

an economic principle is a certain factor that may influence another. for example the law of unintended consequences. if for example the state raises the price of a toll road people may opt to use another route. so by raising the price of the road to make more money they have in fact cost themselves money.