7 Principles
Sometimes, we need this to help solve problems in the economy.
Government
This means you have to decide between two good options.
Trade-Off
Macroeconomics
What is this an example of?
You decide to not turn off the light because you're already sitting and don't want to stand up again.
sunk cost
These are rewards or punishments you use to change people's behavior.
Incentives
This is what you have already given up.
Sunk Cost
This means giving money to support a business that you hope will grow in the future.
invest
values
There's no such thing as a ________!
free lunch
This means you do not have enough resources for everyone.
Scarcity
This means getting the more use out of less resources.
efficient
What is this an example of?
You decide to work two hours longer so you can bring in more customers to your restaurant.
Marginal Thinking
This means you only care about your own needs.
Self-Interest
It's a good idea to compare the ____ and ____. [the good and the bad]
This is when workers refuse to work.
strike
What is this an example of?
You could have gone to dinner with Aaron, but you chose to go to dinner with Bobby.
What is the word that describes that you had to give up dinner with Bobby?
Opportunity Cost
This is when two companies try to be successful than each other.
Competition
This means comparing costs and benefits in small amounts to find the best balance.
Marginal Thinking
This is when you need more resources to do more business. Example: making another factory
expanding your operations
What is this an example of?
Nobody has eaten this kind of fruit before, so it might be deadly... or delicious!
high risk, high reward
"risk" alone is not enough