A ‘good’ deal is like when you trade your favorite toy for one that’s even better. In economics, people decide if a deal is good by comparing what they give up with what they get. If the new thing is worth more to them than the old one, it's a win!
Examples
- You trade your favorite chocolate bar for three candy bars, you feel like you won!
- Your friend gives you a used bike in exchange for helping them move, it’s a fair deal!
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See also
- Why Do We Have Different Kinds of Taxes?
- Why Do Prices Change So Much?
- Why Do We Use Money Instead of Bartering?
- Why Do Prices Go Up So Much When There's a Shortage?
- Why Do We Have Different Kinds of Coins?
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Categories: Economics · bargaining,value,utility theory,economic decisions