Choices and Opportunity Cost Discussion

As you have learned in the first few chapters, we live in a world of scarcity, so we are forced to make choices. In economics, we analyze those choices by looking at the options people choose, and what they give up as a result. Since we assume people are rational, the options they choose must be optimal (maximize their net benefit), and the sacrifices they make provide a measure of the value of their choice. This applies to choices in production, consumption, and exchange – all topics that you have studied so far.

So, your task for this discussion is to describe, using economic concepts, a choice you have made in your own life. Make it personal – and think of something outside of school and taking classes. We do not expect you to use all of the concepts you have studied, however, you MUST demonstrate your understanding of at least opportunity cost in your post.

Your thoughtful post (of between 100 – 200 words) is due by Monday February 10 at 5pm.  To make this post, Click “Reply” to these instructions.  Remember to include your word count.

Then, read through your classmates’ posts and respond to at least two of them that resonate with you (in no more than 100 words each) by Wednesday February 12 at 5pm. Your response should carefully explain why your classmate’s comments resonated with you.  To make these posts, Click “Reply” to your classmate’s post.  Remember to include your word counts.

Remember (this is a good time to review) the rules of ! We will evaluate all of your postings for the required content, as well as spelling and grammar. You must provide word counts for us! This may be easier to do if you prepare your posts using a word processor and then copy the text into this discussion.