Economic Case

In: Business and Management

Submitted By shherry
Words 358
Pages 2
Introduction
Jenny broke up recently with his boyfriend and she felt desperate as she was so regretful about losing two years of time on such a guy. Jenny was told that she could no longer chase back the time lost and so she decided not to look back and started to find another boyfriend. Soon, Jenny fell in love with Kris.

Two years later, Jenny was engaged and she decided to accept the engagement after a thorough thinking. Jenny was then married and began a new page of life with Kris.

From breaking up to marriage, Jenny had made a lot of important decisions about her life. Can these decisions be analyzed or explained by economic concepts? Please enjoy the clip.

Key Question
How to apply economics to our daily life?

Key Concepts
1. Sunk cost
2. Opportunity cost
3. Scarcity

Learning Outcomes
Understand the effects sunk costs and opportunity costs have on economic policies decisions

Discussion Questions
1. The video uses breaking up as an example to explain sunk cost. Suppose after breaking up, the dating presents can be returned. Compare between a named diamond ring and a named wallet about the difference in sunk cost.

2. The video uses finding boyfriends as an example to explain scarcity, since the supply of men is not scarce, why “men” are still seen as scarce in the video? In daily life, air and the love from parents to their children, are they also consider as scarce?

3. The video uses the decision between William So or Johnny as an example of explaining the concept of opportunity cost. Explain the problem of the below PPF (Production probability frontier) graph.

(Hint: The property of indivisibility)

1
W. So

Johnny

4. A) Someone says that secondary students should not be dating, are there any economic concepts to backup this statement? Are there any differences in opportunity cost…...

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