Thinking like an Economist

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by emmaschott56aa57a12f710
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Social Studies

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Thinking like an Economist

thinking like an economist

Emma Schott

Goods and Services: movies (entertainment), concessions, alcoholFactors of Production: large plot of land, building, cashiers, cooks, manager, bar tender, popcorn machines, projectors, large screens, large number of seatsOpportunity Cost: visiting a park, eating at a restaurantTradeoff: the manager can't spend time with family on Friday nights to monitor large movie premieres

Goods and Services: quick meals, drive-thru, dine inFactors of Production: land with long driveway (drive-thru), building, cashiers, cooks, manager, kitchen appliances, fryersOpportunity Cost: a home cooked meal at homeTradeoff: the franchise owner had to quit his desk job in order to comply with CFA's franchise rules


Goods and Services: gasoline, snacks & quick meals, air for tires, window cleaning supplies, restroomsFactors of Production: wide lot, gas pumps, building, cashiers, gas attendantOpportunity Cost: having time to sleep in before workTradeoff: the manager has to work a night shift and ruins her sleeping schedule

Goods and Services: snacks, makeup, supplies, photo processing, pharmacy, medicinesFactors of Production: cashiers, photo technicians, pharmacists, manager, building, lotOpportunity Cost: go grocery shoppingTradeoff: owner going to college to get their own pharmaceutical degree

Goods and Services: electronics (TVs', phones, computers, games, cameras), electronics repairFactors of Production: manager, cashiers, technology specialists, large building and lotOpportunity Cost: going to a park at the lakeTradeoff: manager pursuing a computer science degree




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