Fundamentals of Economics. Доловова Н.Н - 13 стр.

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13
13
Answer the questions
1. What is being sold in Dialogue 1? Give information about it.
2. Did B decide to buy it without first taking a look at it?
3. Why is A selling the cooker? Is it broken?
4. What is being sold in Dialogue 2? Describe it.
5. Who did the table used to belong to?
6. What’s the price of the table?
7. O.n.o. stands for ‘or near offer’. What’s its meaning?
8. Did A and B arrange to meet on the day of their telephone conversation?
9. What time did they arrange to meet?
10. Learn the dialogue by heart.
Fill in the gaps using the words given
(opportunity cost, earn, sale, costs, advertising, condition, calculation, benefits)
1. Because people face tradeoffs, making decisions requires comparing the _____
and _____ of alternative courses of action.
2. The second problem with this _____ of costs is that it ignores the largest cost
of going to college—your time.
3. The _____ of an item is what you give up to get that item.
4. College-age athletes who can _____ millions if they drop out of school and
play professional sports are well aware that their opportunity cost of college is very
high.
5. We still have it for _____.
6. He is the person who's _____ the wooden desk.
7. It has two ovens and it is in very good _____.
LESSON 3
Principle #3: Rational People Think at the Margin
Many decisions in life involve making small incremental adjustments to an
existing plan of action. Economists call these marginal changes. In many situations,
people will make the best decisions by thinking at the margin.
Suppose, for instance, that a friend asks your advice about how many years to
stay in school. If you were to compare for him the lifestyle of a person with a Ph.D.
to that of a grade school dropout, he might complain that this comparison is not
helpful for his decision. Your friend is more likely to have some education already

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