Ten Principles of Economics (Pay attention to one concept: How People Make Decisions).

• Introduce the topic. In this chapter, we will study how individuals make decisions in the marketplace.
• First, we will study consumer incentives.

Our studies will begin by describing the MB (marginal benefits) and MC (marginal costs) to consumers.

To fill in the table below,interview local residentsand evaluate their preferences, purchase from big-box businesses or from small farmers.To generate interview questions, you may use artificial intelligence (AI).

Consumers
Factory Farmed Food (or processed food)
Benefits to consumers	Opportunity Cost = The Value of Local Foods to a Consumer
For example,convenience,

Possible Sources:

• Trends in U.S. Local and Regional Food Systems: A Report to Congress
• How Are Consumers' Food Preferences Changing? - Federal Reserve Bank of Chicago
• Next step, list small business incentives to source foods from small local farms.

Outline your MB (benefits) and MC (costs).

Your Business
Factory Farmed Food
Benefits	Opportunity cost = Give up Profits and other Benefits in Selling Local Foods

• Discuss the costs and benefits to society (your local community).

Society
Factory Farmed Food (processed food)
Benefits	Opportunity Cost = Give up Consumption and Production of Local Foods
	For example, local area income and quality of living. Americans in rural areas more likely to die by suicide | CDC Online Newsroom

• Yourconclusion: How can you use this information?

1. Would you be able to tell us about consumer incentives in your specific location to buy locally grown and sustainable foods?

2. Summarize how Covid-19 and other recent events affected consumer preferences.

3.What strategies can you use to change consumer incentives (motivations)?

4. Is your business decision to sell local foods impacted by recent events?

5.Why do you think investors and local communities (local government) may want to support your project (or how will they benefit from it)?