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Economics - Opportunity Cost, Essay
In this forum we will discuss economic issues related to the chapter(s) we are studying in the text. Chapter 1 provides a good introduction to economics and the many special terms we use. A key concept is opportunity cost – this is the foregone alternative when you make a choice. Opportunity cost is what we give up when we make a choice. Note that responsible and irresponsible behaviors both have opportunity costs.
For this discussion, compose an essay outlining a choice you have made and the opportunity cost(s) associated with it. Why did you pick that particular choice instead of an alternative? What were the incentive(s)? How is the optimization assumption applied to your decision? What process did you use to make your choice? Does “thinking like an economist” involve thinking differently than you do in everyday life? Or do we make these kinds of choices all the time and just don’t use the fancy economic terms? Remember, opportunity cost is the best next choice you would have made. Note that “cost”, when it comes to economics, is more than out of pocket expense! For example, the economic cost of college is more than tuition, fees and books. It is also your time which may result in foregone income. Use economic thinking and terms when appropriate. For full credit, you must address all the questions raised in the assignment in your post, using economic terms and concepts.
You may use the internet and/or textbook for more information or to support your position. If you use or quote another source, give credit to that source – either by the book name and page number or internet site
Your initial essay should be at least 200 words, posted by 11:55 PM Wednesday. For full credit you will also need to read other student’s posts and respond to at least two by 11:55 PM Friday. Your comment(s) must be at least 5 substantial sentences – saying “I agree” or “I disagree”, or “good point” – doesn’t count. You must explain why, bring up new issues and move the discussion forward. You can debate issues back and forth and keep the conversation going.
In this forum we will discuss economic issues related to the chapter(s) we are studying in the text. Chapter 1 provides a good introduction to economics and the many special terms we use. A key concept is opportunity cost – this is the foregone alternative when you make a choice. Opportunity cost is what we give up when we make a choice.