INCENTIVESThe Big Idea andthe Seven Secretsfor Thinking Like anEconomistStudent Workbook
THE SCARCITY CONDITION•  Scarcity•  What is Economics?
INCENTIVESThe Big Idea  •  _______ and ________ incentives:     –  Grades  •  _______ and _______ incentives:     –  Unint...
The Seven Secrets: 	  Life is About Trade-Offs•  Examples of trade-offs:  –  College versus working, or a little of     bo...
The Seven Secrets: 	  Opportunity Cost•  What is Opportunity Cost?
The Seven Secrets: 	  Marginal Thinking•  What is marginal thinking?
The Seven Secrets: 	  Trade Creates Value•  Trade and __________ __________
The Seven Secrets: 	  Markets Generally Work Well…..•  The ________ economy:  –  eBay, craigslist, stock market,     super...
The Seven Secrets:	  …But Markets Sometimes             Need a Hand•  Market _______  •    Poorly defined _______ _______ ...
The Seven Secrets: 	  Our Decisions Have ConsequencesNow and in the Future•  _______ and _______ goods.•  The _______ ____...
The Seven Secrets: 	  There are No Free Lunches•  “Free” is a four-letter word!  –  Who is paying?
Thinking Like An Economist - Student Workbook
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Thinking Like An Economist - Student Workbook

  1. 1. INCENTIVESThe Big Idea andthe Seven Secretsfor Thinking Like anEconomistStudent Workbook
  2. 2. THE SCARCITY CONDITION•  Scarcity•  What is Economics?
  3. 3. INCENTIVESThe Big Idea •  _______ and ________ incentives: –  Grades •  _______ and _______ incentives: –  Unintended consequences •  Incentives and _________ •  Incentives are everywhere
  4. 4. The Seven Secrets:  Life is About Trade-Offs•  Examples of trade-offs: –  College versus working, or a little of both –  Cleaner environment or more production
  5. 5. The Seven Secrets:  Opportunity Cost•  What is Opportunity Cost?
  6. 6. The Seven Secrets:  Marginal Thinking•  What is marginal thinking?
  7. 7. The Seven Secrets:  Trade Creates Value•  Trade and __________ __________
  8. 8. The Seven Secrets:  Markets Generally Work Well…..•  The ________ economy: –  eBay, craigslist, stock market, supermarkets –  The role of _______•  Adam Smith, the Father of Economic Thought –  It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest. –  Wealth of Nations, 1776
  9. 9. The Seven Secrets:  …But Markets Sometimes Need a Hand•  Market _______ •  Poorly defined _______ _______ •  _______ •  _______ _______ •  _______ _______
  10. 10. The Seven Secrets:  Our Decisions Have ConsequencesNow and in the Future•  _______ and _______ goods.•  The _______ _______
  11. 11. The Seven Secrets:  There are No Free Lunches•  “Free” is a four-letter word! –  Who is paying?
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