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Handy Dandy Guide
Steps on Decisions
7
Economics
9th Grade
10/03/2009
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Term
Step 1:
 Definition
People make choices.
Term
Step 2:
 Definition
People's' choices involve costs.
Term
What are costs?
 Definition
The things you give up.
Term
Step 3:
 Definition
People respond to incentives in predictable ways.
Term
Step 4:
 Definition
People create economic systems that influence individual choices/incentives.
Term
Step 5:
 Definition
People gain when the trade voluntarily.
Term
Step 6:
 Definition
Peoples' choices have consequences that lie in the future.
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