Economics is all about trade offs. What is the opportunity cost for a typical student pursuing a college degree? Is it rational for some people to decide to NOT continue their formal education past high school? Explain using economic reasoning.

Opportunity cost is whatever you give up to get something. What is the opportunity cost of staying up all night to study for your economics final exam?  What would you be giving up to stay up all night to study for your exam?

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

What good is economic theory if it cannot predict the behavior of a specific individual?

What is the difference between opportunity cost and trade-off? Please explain.

For each of the following, indicate how you might apply the four core principles of economics (the cost benefit principle, the opportunity cost principle, the marginal principle, or the interdependence principle). You are considering whether you should vote in the next election. You watch a beautiful sunset from the back porch of your home. Should you major in economics or philosophy? Should you and your spouse purchase a second vehicle?

Rob decided to drive to school rather than take the school bus. What was the opportunity cost of Rob’s decision?

The field of economics is derived from the fact that humans all make rational choices. humans are self-interested. humans respond to incentives. the world has limited resources.

What is a trade off? How does economics decide on what must be produced? What is an opportunity cost? What would be your opportunity cost in leaving your job?

True/False A Well tested or widely accepted economic theory is often called an economic principle