Think Like An Economist S E2: Core Principle 1 - The Cost-Benefit Principle - The Pros & Cons
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Aug 18, 2020 AI Snips
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Core Principles of Economics
- Learn the four core principles of economics: cost-benefit, opportunity cost, marginal principle, and time dependence.
- Apply these principles to make better decisions in all aspects of your life.
Cost-Benefit Principle
- Evaluate decisions by comparing benefits and costs.
- Choose options where benefits exceed costs.
Quantifying Benefits
- Convert all costs and benefits to a common scale, like dollars.
- Determine your willingness to pay for something to quantify its benefit.