Economic Concepts

TINSTAAFL

• The idea that we have unlimited wants and limited resources.

• The newest iPhone is pretty cool, but I'm getting an iPhone 8 because I really don't need all the bells & whistles!

• The idea that the more you have of something, the less you enjoy it.

• There is no such thing as a free lunch.
  

Scarcity

• The idea that we have unlimited wants and limited resources.

• The newest iPhone is pretty cool, but I'm getting an iPhone 8 because I really don't need all the bells & whistles!

• The idea that the more you have of something, the less you enjoy it.

• Trying to decide whether you should buy one more video game or not.

Costs v. Benefits

• The one thing you gave up.  Instead of going to the movies, you went to work.

• Trying to decide whether you should buy one more video game or not.

• The newest iPhone is pretty cool, but I'm getting an iPhone 8 because I really don't need all the bells & whistles!

• The study of choices.  We have to choose because of scarcity.

Diminishing Marginal Utility

• The idea that we have unlimited wants and limited resources.

• The idea that the more you have of something, the less you enjoy it.

• The one thing you gave up.  Instead of going to the movies, you went to work.

• You are really in the mood for Pepperoni Pizza, but will get cheese because 2 of your friends are vegetarians.

Marginal Analysis

• The idea that the more you have of something, the less you enjoy it.

• You are really in the mood for Pepperoni Pizza, but will get cheese because 2 of your friends are vegetarians.

• The one thing you gave up.  Instead of going to the movies, you went to work.

• Trying to decide whether you should buy one more video game or not.

Opportunity Cost

• The one thing you gave up.  Instead of going to the movies, you went to work.

• The idea that the more you have of something, the less you enjoy it.

• The idea that we have unlimited wants and limited resources.

• Trying to decide whether you should buy one more video game or not.

Individual v. Societal Benefits

• The study of choices.  We have to choose because of scarcity.

• Trying to decide whether you should study for another hour.

• The idea that the more you have of something, the less you enjoy it.

• The understanding that we can't always put ourself first.

Economics

• The study of choices.  We have to choose because of scarcity.

• The idea that we have unlimited wants and limited resources.

• Understanding that everything comes with a cost.

• The study of finances & how to increase your personal wealth.