Cost-Benefit Principle

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 Principles of Microeconomics, Brief 3RD 17 by Frank, Robert H. Frank, R. H., Bernanke, B. S., Antonovics, K., & Heffetz, O. (2017). Principles of microeconomics: A streamlined approach (3rd ed.). New York, NY: McGraw-Hill/Irwin. • Chapter 1, “Thinking Like an Economist” (pp. 1-28) Chapter 1 introduces the concept of scarcity and presents the unavoidable fact that our needs and wants are unlimited and that the resources available to satisfy them are limited. The chapter also explains that, in an environment of scarcity, making choices on the basis of a comparison of costs and benefits is a useful approach to decision making. Focus on the inputs to the process of comparing costs and benefits. In addition, review the appendix, “Working with Equations, Graphs, and Tables.” This appendix provides a review of some of the mathematical skills you need to use in this course. Cost-Benefit Principle On what basis do you make economic decisions? One potential approach is to employ the cost-benefit principle, which suggests engaging only in those actions that create an economic surplus. Considering other criteria such as opportunity costs helps you to make a rational choice. For example, when budget crises occur, local or national governments may opt to cut back on critical programs, while many others may consider raising taxes. By Day 3 Post a 300- to 500-word statement that addresses the following: • What are the opportunity costs of reducing expenditures (such as on education and social services programs), compared to the option of raising taxes? Why? • Explain what you think are the rational choices in such a situation, and what other options should be considered and why.

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