The Seven Economic Principles Flashcard

Front

This principle reminds us that limited resources force people to make choices and they must give up something to get something.

Back

Scarcity Forces Trade-offs

Front

This principle tells us that most of the decisions we make each day involve choices about a little more or a little less of something rather than making a wholesale change.

Back

Thinking at the Margin

Front

You pay a hairdresser $40 to get a nice haircut. This demonstrates the___________principle

Back

Trade Makes People Better Off

Front

Deciding whether to go to the baseball game or a movie is an example of?

Back

Scarcity Forces Trade-offs Principle

Front

I thought it was a good idea to get a dog. I didn't know it would drive my neighbors crazy.

Back

Future Consequences Count Principle

Front

All that time at the gym is worth it. I'll look good this summer!

Back

Incentives Matter Principle

Front

Should I go to college right out of high school spend thousands of dollars at a UC? Would it be worth it?

Back

Costs Versus Benefits Principle

Front

I want to sell my paintings. Maybe I'll post them on eBay.

Back

Markets Coordinate Trade Principle

Front

“The shoemaker does not attempt to make his own clothes, but employs a tailor.”

Back

Trade Makes Us Better Off Principle

Front

You loved the film Endgame. You decided to buy a ticket to see it again immediately following your first viewing. You paid $12. Seeing it one more time follows which principle?

Back

Thinking at the Margin