Right now I could be playing with my chickens because they’re so cute but instead I’m doing my homework; the ‘opportunity cost’ of me doing my homework is not being able to play with my chickens. But I do choose to do my homework instead of playing with my chickens because I think it’s ultimately the better choice.
Goober is a product created by Smuckers which combines the two complements, peanut butter and jelly, into a single product. Smuckers utilized the economic term of complements in creating this product. -Catherine G
Many people would consider off brand sodas to be an inferior good to name brand sodas. Fiesta brand sodas are often not chosen by some people who view this brand as inferior to others.
This photo is an example the difference between scarcity and shortage, each of these products are scarce in the terms of a limited quantity, but the photo shows what shortage looks like.
Steps to Post:
1. Create New Post (top right gray ribbon);
2. Click on ‘Pop Out’ (bottom left);
3. Click ‘Photo’ – choose title, add photo (centered, please), and write analysis (2-3 sentences).
4. Add tags – select an ECON concept from our class list.
5. Add categories – 1) PhotoECON and 2) class section (A1, A3, B1, B2).