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August 6, 2026 

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ECONOMIC THINKING: A way of looking at, and analyzing, the way the world works by comparing the costs of an action with the benefits generated. Economic thinking arises from scarcity, which exists because wants and needs and unlimited but resources are limited. This means virtually all actions incur an opportunity cost. Identifying the cost of an action, no matter how hidden or subtle it may be, is the essence of economic thinking.

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GAME THEORY

An analysis that illustrates how the choices between two players affect the outcomes of a "game." Game theory is commonly used to explain the behavior and decision making of oligopolistic firms. It illustrates that cooperation, rather competition, between two "players" can lead to an outcome that is more beneficial to both players.

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APLS

ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a green fountain pen or a handcrafted bird house. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?

Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"Aerodynamically, the bumblebee shouldn't be able to fly, but the bumblebee doesn't know it so it goes on flying anyway. "

-- Mary Kay Ash, entrepreneur

JEP
Journal of Economic Perspectives
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