Economics Lessons and Principles

What are some of the key economic concepts mentioned by Jacob Clifford in the introduction?

• Opportunity costs and comparative advantage

• Supply and demand

• Monetary policy

• Inflation and deflation

In the Disney World story, what principle does Jacob Clifford illustrate?

• The impossibility of making everyone happy

• The law of diminishing returns

• The principle of scarcity

• The concept of supply and demand

What was the reaction of the crowd when some people refused to sit down during the Disney World fireworks?

• They shouted at them

• They ignored them

• They cheered them on

• They joined them in standing

How does Jacob Clifford relate the principle of not making everyone happy to Greta Thunberg's protests?

• By explaining how protests can change public opinion

• By showing how protests can lead to economic growth

• By discussing the financial costs of protests

• By illustrating the conflict between environmental goals and land preservation

What is the main takeaway from the examples of homelessness and public policy decisions?

• Every decision will have unanimous support

• Policies should focus on individual benefits

• Economic policies should avoid any costs

• Good policies aim to maximize overall benefit despite some dissatisfaction