1.People face tradeoffs. “There is no such thing -as'a-free-lurrchr!
1. People face tradeoffs. “There is no such thing as a free lunch!
1.People face tradeoffs. To get one thing,we usually have to give up another thing. Guns v.butter Food v.clothing Leisure time v.work Efficiency v.equity' Clean environment v.high level of income Making deeisions requires trading off one goal against another
1. People face tradeoffs. To get one thing, we usually have to give up another thing. Guns v. butter Food v. clothing Leisure time v. work Efficiency v. equity Clean environment v. high level of income Making decisions requires trading off one goal against another
1.People face tradeoffs. Efficiency v.Equity Efficiency means society gets the most that it can from its scarce resources. Equity means the benefits of those resources are distributed fairly among the members of society
1. People face tradeoffs. Efficiency means society gets the most that it can from its scarce resources. Equity means the benefits of those resources are distributed fairly among the members of society. Efficiency v. Equity
2.The cost of something is what you give up to get it. Decisions require comparing costs and benefits of alternatives. Whether to go to college or to work? Whether to study or go out on a date? Whether to go to class or sleep in?
2. The cost of something is what you give up to get it. Decisions require comparing costs and benefits of alternatives. Whether to go to college or to work? Whether to study or go out on a date? Whether to go to class or sleep in?
2.The cost of something is what you gve-ip to-get it.-+-· The opportunity cost of an item is what you give up to obtain that item
2. The cost of something is what you give up to get it. The opportunity cost of an item is what you give up to obtain that item