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Discussion 2 Incentives:
Economics is a social science that studies human behavior in the face of scarcity. Furthermore, scarcity gives rise to trade-offs and incentives. If food and shelter, for example, were not scarce and I had an unlimited amount, that changes my incentives for allocating time to working. Watch the following video below on incentives and opportunity costs and then answer the questions.
In the video Professor Dirk Mateer discusses the importance of incentives. In addition, he presents in his slides the following about the concept of incentives: “If there is one single idea that describes the economic way of thinking this is it.” The Student in the video is clearly responding to the incentive as well as comparing his opportunity cost when deciding to pick up the money.
1) Have you noticed any examples of incentives in your own life, whether well-aligned or not? (3 – 4 sentences).
2) Any public policy incentives, whether well-aligned or not? Public policy refers to policies instituted by the local, state, or federal government. (3 – 4 sentences)
Discussion 3 Opportunity Cost:
For the next discussion post, please watch the above clip from the television show The Big Bang Theory. The clip provides a great example of opportunity cost!
1) If Sheldon decides on the Xbox One, is his opportunity cost the PS4 + the cost of the Xbox or, is his opportunity cost only the PS4? Explain your answer using the concept of opportunity cost. (3 – 4 sentences)
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