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Date Submitted: 11/27/2012 10:22 AM

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|Microeconomics – module 1 – Case |

|Thinking like an economist: |

|The basic vocabulary of the field |

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Everything in life these days in our economy requires us to give up one thing to have another. We also sit there and think about, Ok what is a need and what is a want? If I give up getting my nails done every two weeks, we’ll have more spending money for a family outing. If we attempt to quit smoking, which will keep us from spending $78 every week and a half, we’ll be not only getting our health back but we can put that towards paying off a bill. We need to also start looking at the products we buy; if we choose to buy regular canola cooking oil, rather than buying the most expensive cooking oil, that by the way does the same exact thing, we just saved 3 dollars. We need to make sacrifices these days; if there are alternatives available to us, why not take advantage of them. There is always a benefit from something that we can give up to get another, wither its gaining more family time or putting money towards a bigger savings account; we can always find it beneficial if we...