Listen to the NPR Planet Money podcast. When finished submit your answers to the questions below in
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Listen to the NPR Planet Money podcast. When finished submit your answers to the questions below in the dropbox.
https://www.npr.org/2020/07/07/888690075/summer-school-1-choices-dating
Pod cast link
1. Define the following concepts, you may need to use some other resources to support your descriptions -list any other sources:
- Opportunity cost
- Sunk cost fallacy
- Marginal benefit and marginal costs
- Market equilibrium
2. Look at some facet of your life that you may not have thought was fundamentally economic. Describe how your view/understanding of this may have changed. Would your decision/choices be different now?
Expert Answer:
1 Definitions of economic concepts Opportunity cost Opportunity cost is the value of the next best alternative that is given up when making a choice I... View the full answer
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