econ live project pt. 1

econ live project pt. 1

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  • Ten Principles of Economics found in my everyday life
  • By Sara Young
  • Principle  4: People Respond to Incentives
  • Principle 1: People Face Trade-offs
  • It's a Saturday evening in Newport. I have a test on Wednesday for Math but there is also game night hosted at my friend's house.  I'm so conflicted as to which one is more valuable. 
  • Principle 2: The Cost of Something Is What You Give up to Get It 
  • Hey Mom, I really want to go to this soccer camp this summer to get better instead of going on vacation. This would mean my opportunity cost is vacation.
  • Hi there, Are you looking to  buy this used car for $6,000? It is a good price but would need about  $5,000 in repairs to get it working.
  • I am willing to spend $10,000 on a used car, however, the extra costs for the repairs would mean I am spending more money than I initially planned. 
  • Principle 3: Rational People Think at the Margin
  • I just came to look but since there is a promotion going on I am definitely buying something!
  • $5
  • $5
  • BOGO is Back! Buy One Get One 1/2 Off Everything
  • 50% off
  • Ugh, I don't know how to make a slideshow... I am really bad with technology.
  • Principle 5: Trade Can Make Everyone Better Off
  • I can help you make a slideshow! I heard you are really good at math... could you help me in exchange?
  • Deal! This would save me so much time!
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