7 guiding economic principles + roadtrip

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Finance

Last updated 6:52 PM on 9/20/22
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14 Terms

1
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scarcity forces tradeoffs
1st economic guiding principle
2
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costs vs. benefits
2nd economic guiding principle
3
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thinking at the margins
3rd economic guiding principle
4
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incentives matter
4th economic guiding principle
5
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trade makes people better off
5th economic guiding principle
6
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markets coordinate trade
6th economic guiding principle
7
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future consequences count
7th economic guiding principle
8
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purchasing a luxury car with no gas mileage or not a luxury car with a lot of gas mileage
road trip situation for 1st economic guiding principle
9
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staying in an inexpensive tent or comfortable motel
road trip situation for 2nd economic guiding principle
10
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going to an extra concert
road trip situation for 3rd economic guiding principle
11
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receiving a speeding ticket
road trip situation for 4th economic guiding principle
12
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exchanging a mechanic for concert tickets
road trip situation for 5th economic guiding principle
13
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the supermarket was a place to buy items from different countries
road trip situation for 6th economic guiding principle
14
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receiving an insurance bill from the speeding ticket
road trip situation for 7th economic guiding principle