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Six Key Economic Principles: The Handy Dandy Guide

Six Key Economic Principles: The Handy Dandy Guide. 1. People choose . 2. People’s choices involve costs . Key idea: Opportunity cost 3. People respond to incentives in predictable ways. Six Key Economic Principles: The Handy Dandy Guide.

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Six Key Economic Principles: The Handy Dandy Guide

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  1. Six Key Economic Principles:The Handy Dandy Guide • 1. People choose. • 2. People’s choices involve costs. • Key idea: Opportunity cost • 3. People respond to incentives in predictable ways.

  2. Six Key Economic Principles:The Handy Dandy Guide • 4. People create economic systems that influence individual choices and incentives • 5. People gain when they trade voluntarily.

  3. Six Key Economic Principles:TheHandy Dandy Guide • 6. People’s choices have consequences that lie in the future. • Exercise: applying the HDGWhy would people who sell cars not want to sell them on Sunday?

  4. http://classtools.net/education-games-php/timer

  5. Scarcity and Opportunity Cost • Two definitions of scarcity: • 1. A situation in which human wants are greater than the capacity of available resources to provide for those wants. • 2. A situation in which a resource has more than one valuable use.

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