MT 445 PUG Opportunity Cost And Economics In Daily Life Questions
Description
You use economic concepts on a daily basis without even knowing it! When you decide whether to eat lunch at a restaurant or make a sandwich at home, you are making a decision based on the costs and benefits of those options. Economists use these same basic tools to examine economic issues. Think about one choice you made in the past several days and explain how this could be analyzed using economic concepts such as trade-offs, opportunity costs, and marginal analysis.
Discussion Checklist:
- Give an example of the opportunity cost of a choice you recently had to make.
- Explain the benefit, profit, or value of choosing this opportunity cost.
- Discuss why we need to be concerned with the value (monetary/nonmonetary) of something we did not choose, as opposed to simply stating the value of the item we want to pick.
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