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Economics

a. TANSTAAFL: This acronym was used by Robert Heinlein e in his Novel "The Moon is a Harsh Mistress" which is a pretty good read along with some of his other books (eg Stranger in a Strange Land). It stands for There Ain't No Such Thing As A Free Lunch. Nobel prize winning economist Milton Friedman also published a book with a similar title (being a good academic he changed the word ain't to is). This phrase is a popular way to express one of the most important economic concepts there is (hint: opportunity cost). What does the phrase mean? Discuss with examples, anecdotes, and comments being sure to focus on the opportunity cost aspects...please note that from an opportunity cost perspective it does NOT mean that someone else pays but rather looks at the idea of trade offs in decision making. So an opportunity cost is what you could have done with the resource used up from a choice. This is important again when we look at gains from trade and can also be discussed in a production possibility framework. b. Develop a discussion of the difference between positive and normative economics? Create a definition through examples. c. Develop a discussion of the cost-benefit principle as it should apply to a decision that you have made in the past or one that you expect to make in the future.

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