MANAGERIAL MISCHIEF
This economic concept describes a situation where you can’t make one person better off without making someone else worse off—basically the ultimate no-win scenario at a pizza party.
What is Pareto efficiency?
This term describes the situation where overusing a shared resource leaves everyone worse off—like when your roommates eat all the pizza and leave you with just the box.
What is the tragedy of the commons?
This is what you call the special time of year when everyone suddenly becomes a math genius to avoid paying too much money to the government
What is Taxes? or Public Robbery
This market structure is like the group project of economics—one person (or firm) does all the work, and the rest (consumers) just have to deal with it.
What is a monopoly?
Speaking of Private Good What is a private good that is actually mistakenly thought of as a public good, because people never took Natural Resource Economics with Prof Demukaj
What is clean drinking water?
When the government spends $500 on toilet paper and $300 on the toilet seat, this type of budget planning is called...
What is wasteful spending?
When your costs go up faster than your profits-kind of like trying to run a lemonade stand during a hurricane.
What is diminishing returns? "Looks like someone's squeezing lemons and not profits!"
Unlike someone’s drinking habits (look at Shpend intently, and he will act confused) What decreases as you are driving away from cities?
What is the Rent Gradient? but I still can't afford my rent.
This is the thing that keeps growing, no matter how many times politicians promise to do the opposite, kind of like your student loans.
What is the national debt?