General Economic Principles and Macroeconomic Indices

Please provide information and explanations on the following:

I. The three General Economic Principles
a.) All choice involve costs
b.) People Respond to Incentives in Predictable Ways
c.) The Consequences of Choices Lie in the Future.

II. On Macroeconomic indices:
a.) Unemployment rate
b.) GDP Output gap
c.) Consensus GDP growth
d.) Publicly held debt

References:

Schug, Mark C. and Wentworth, Donald R. (2000). Handy Dandy Guide (HDC). National Council on Economic Education. Retrieved on April 11, 2013 from http://www.vcee.org/misc/userfiles/file/Six%20Core%20Economic%20Principles.pdf.

The Economist (January 26, 2013 issue).Looking better: Some risks, but less fear, as the second term gets under way. Retrieved on April 11, 2013 from http://www.economist.com/news/united-states/21570738-some-risks-less-fear-second-term-gets-under-way-looking-better.:

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