Transcription of Principle #1: People Face Tradeoffs To get something you ...
{{id}} {{{paragraph}}}
Example: stock market
Principle #1: People Face Tradeoffs To get something you ...
Principle #1: People Face TradeoffsTo get something you want, you have togive up something else you want. of allocating your time or face a tradeoff between moreconsumer goods (low taxes) and more publicgoods (defense, social programs).Since governments can borrow, there is atradeoff between consumption for current andfuture is sometimes a tradeoff between theenvironment and : fair treatmentefficiency: producing the biggest possible "pie".tradeoff between the two: will you sacrifice to become a doctor if your wealth is taxed? Principle #2: The cost of something is what yougive up to get : College benefits are the job opportunities andpersonal satisfaction, but there are costs besides out of pocket costs like tuition and sure you count the 4 years' lost earnings.
Principle #1: People Face Tradeoffs To get something you want, you have to give up something else you want. Scarce resources. Think of allocating your time or money. Societies face a tradeoff between more consumer goods (low taxes) and more public goods (defense, social programs). Since governments can borrow, there is a
Tags:
Information
Domain:
Source:
Link to this page:
Please notify us if you found a problem with this document: