everything has a price, nothing is free
tax returns, car insurance, win the lottery but pay thousands in taxes
people choose what they buy for good reasons
peoples' choices not always just based on cost; may be based on needs- in hurricane the sale of sandbags will most likely increase
incentives influence peoples' choices
Buy one get one free- retailers use this; bribing students to get A's and work harder; I'm Lovin' it
economic systems influence peoples' incentives and choices
A farmer wants a tractor, not an iPad. You can't plow a field with an iPad. This affects whther or not you want to buy things based on your own situation and needs
people gain from voluntary trade
one person has something that another person thinks is worth more; trades with him/her to GAIN. Trading time for money, as long as their is a net gain
peoples' choices influence the value of goods and services
e-reader - so many people have bought them, there are now several brands from which to choose from. Apple products- no wonder the cost so much, everyone wants them.
There are consequences for all actions
These may be unintended; DDT and Bald Eagles. For example, a new company starts (Facebook) and another company dies (MySpace)
choices made today influences what happens tomorrow
Apply for job, get drunk, post pictures on Facebook, empolyer sees, no job. Bad grades, influence, GPA, bad college (or no college), no career, poor, influence children to act the same.
bad choices = bad outcomes!