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|Microeconomics – module 1 – Case |

|Thinking like an economist: |

|The basic vocabulary of the field |

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PRODUCTION POSSIBILITIES CURVE

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...