How do we make smart every day decisions?
Perhaps the greatest benefit of an economics principles course to students is to help them think rationally about making personal every day decisions throughout their lives. I suggest creating a video to teach 3 key decision making concepts: 1) Weigh Benefits vs. Costs, 2) Include all Opportunity Costs, and 3) Think Marginally (Ignore Sunk Costs!). Many students have difficulty identifying certain opportunity costs and ignoring sunk costs. Thanks!