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by Joe Calhoun

Three segments: (1) Professor Macy introduces some of the key elements students will learn about in Part 1 of Common Sense Economics for Life. Incentives matter. Choices involve tradeoffs. Economics is all around us. Economics matters to your future. What will you need to do if you want to earn a lot of money? Even more important, how can you make better choices and live a happier, more fulfilling life? Let's find out, using economics. (2) We follow Beth to a Pirates ball game, using the river ferry, talking to a friend about her Master’s thesis and observing how unusual it is to ride a ferry to a ball game. She raises the question, why would someone pay more to ride the ferry when a bus would be cheaper. They discover that people respond to incentives and choices have tradeoffs. (3) Economics is everywhere – even on a trip to a baseball game. Every decision we make is a choice that has economic impact. Economics is all about choices and incentives – what we decide to do, and why we choose those options, like why you chose to travel to the ballgame one way instead of another. Incentives aren't always about money, either. They can be more intangible, like the pleasure of the view from the ferry as opposed to the one from the bus, time saved or spent, and avoiding or tolerating crowded conditions.


Three segments: (1) Common Sense Economics for Life Part 1 Introduction; (2) Beth and Jodi discuss incentives and choices on their way to a baseball game; (3) Professor Macy explains the key points in Module 01 about incentives and choices.

from Part 1 Overview, Module 01 Slice of Life, Module 01 Professor explanation (2014)
Creator: Common Sense Education International & the Florida State University Stavros Center for Economic Education
Posted by Joe Calhoun