1.) Opportunity cost is one of the most important introductory concepts in economics. In order to...

 

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1.) Opportunity cost is one of the most important introductory concepts in economics. In order to help solidify our understanding of it, it sometimes helps to think in terms of our own lives. Describe a decision you made recently and the opportunity cost involved in it. It can be anything ranging from a small routine decision to a larger one. 2.) Pick another recent decision you've made or action taken and try to evaluate the marginal cost vs. marginal benefit. Have you ever voluntarily made a decision where marginal cost exceeds marginal benefit? If so, what was it? 3.) Pick a good or service that you've noticed either a substantial price increase or decrease. Describe the change and try to identify the underlying causes. Was it a change in supply? demand? both? And what is causing these changes? Can you include links or articles supporting your argument? 1.) Opportunity cost is one of the most important introductory concepts in economics. In order to help solidify our understanding of it, it sometimes helps to think in terms of our own lives. Describe a decision you made recently and the opportunity cost involved in it. It can be anything ranging from a small routine decision to a larger one. 2.) Pick another recent decision you've made or action taken and try to evaluate the marginal cost vs. marginal benefit. Have you ever voluntarily made a decision where marginal cost exceeds marginal benefit? If so, what was it? 3.) Pick a good or service that you've noticed either a substantial price increase or decrease. Describe the change and try to identify the underlying causes. Was it a change in supply? demand? both? And what is causing these changes? Can you include links or articles supporting your argument?