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Two people are walking, one an economist, and they see a $100 bill on the ground.
The economist says: "That cannot be a $100 dollar bill"
"Why not?" asks the younger employee?
"If it were" said the economist, "someone would have picked it up by now"
The "no cash on the table" principle holds that freely available money seldom sits unclaimed for long
In the future and the past, the only way to make real money will be through some combination of talent, hard work, and luck
" "
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THE GUIDE TO ECONOMIC THINKING
1. People choose for good reasons2. Everything has a cost3. Incentives matter4. People gain when they trade voluntarily5. Human wants are insatiable we all want more of something6. The price of a good is affected by peoples
choices
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1. The best things in life are free. A. TrueB. False
2. The largest cost of going to college is tuition, room, and board. A. TrueB. False
3. If someone makes an economic gain, someone else loses. A. True B. False
4. If one nation makes everything better and faster than another nation, there is no economic reason for these two nations to trade.
A. TrueB. False
5. Life is priceless. A. TrueB. False
Do You Think Like An Economist?