If college-age athletes drop out of college to play professional sports, principle # is the underlying cause. O Principle #1: People (Including Individuals and Society As a Whole) Face Tradeoffs Principle #2: The Cost of Something is What You Give Up to Get It Rotie nel D eeple Thinl, at the dergin Drineinle H2.
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- give three examples of important tradeoffs that you face in your lifeGraham decided to play football this year instead of getting a part-time job. Last year he made about $1,100 during football season. He also spends about $9 on eating out after each game. His team plays a 10-game season. What is his opportunity cost of playing football?Tonight, you and your friends are planning to see Black Panther for which you have a $4 off coupon. Without the coupon, the ticket is $10. Once you are at the cinema, your friends now want to see Captain Marvel. Both movies start and end at the same time. Assume that you have nothing else to do. If you decide to see Captain Marvel with your friends, what is your opportunity cost?
- Jeremy has $30 in his pocket. He would like to take his friend to a movie. The movie would cost $20 for both him and his friend. Jeremy would also like to get a new shirt. The shirt would cost him $25. If Jeremy decides to buy the shirt, what would be his opportunity cost? $25 The satisfaction of taking his friend to a movie $20 The popcorn at the moviea) Trade-offs are important part of economic decision making. You are supposed to Analyze and explain any three trade-offs that you face in your life. b) You plan to study on weekend and your friends ask you to go to a farm house with them. What do you think is the true cost of spending your weekend on a farmhouse with friends? c) You plan to spend your weekend working at your father’s superstore for a wage, but your friends ask you go play cricket at the weekend. What do you think is the true cost of spending your weekend playing cricket with friends?Dina is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: In order to swim for an hour, Dina must take time away from work, where she earns $9 per hour. This is in addition to paying a $4 entrance fee for the pool. Which basic principle of individual choice do these statements best illustrate? Trade can make everyone better off. The cost of something is what you give up to get it. People usually exploit opportunities to make themselves better off. Markets are usually a good way to organize economic activity.
- Explain how people respond to incentives and how markets turn self-interested behavior to the benefit of consumers.Question 2.2. Henry wants to buy a book. The economic perspective suggests that Henry will buy the book if the book will give him utility. his income is high. the marginal cost of the book is greater than its marginal benefit. the marginal benefit of the book is greater than its marginal cost. Question 3.3. Which situation would most likely cause a nation's production possibilities curve to shift inward? The construction of more capital goods An increase in discrimination based on race An increase in the number of skilled immigrant workers The destruction from bombing and warfare in a losing military conflictMaria is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: In order to swim for an hour, Maria must take time away from work, where she earns $12 per hour. This is in addition to paying a $5 entrance fee for the pool. Which basic principle of individual choice do these statements best illustrate? a. The cost of something is what you give up to get it. b. Trade can make everyone better off. c. Markets are usually a good way to organize economic activity. d. People usually exploit opportunities to make themselves better off.
- The basic economic argument is that humans face the big problem of __________. That big problem means we have to choose what we do with our resources. Economists believe that improving ___________ will help use those resources to satisfy the most wants possible. Group of answer choices a. scarcity; efficiency b. efficiency; scarcity c. wants; resources d. resources; wantsPurposeful behavior means that: people are selfish in their decision-making. people weigh costs and benefits to make decisions. people are immune from emotions affecting their decisions. decision-makers do not make mistakes when weighing costs and benefits.Interest rates rise on your savings account at your bank, and you decide to save 5% more from your paycheck to take advantage of the increased rates. Which of the six core principles of the economic way of thinking does this decision illustrate? People Make Choices The Consequences of Choices Lie in the Future