Chamberlain ECON 312 ECON312 Week 1 Discussion Opportunity Cost
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ECON 312 Week 1 Discussion Opportunity Cost (Chamberlain College of Nursing)
Give an example of how the Principle of Opportunity Cost applies to your life. Think of a recent decision you made. It could be a decision as simple as whether to eat out or cook your own dinner, or it could be a decision to quit your job and go back to school. What alternatives did you consider? How did you arrive at your final decision? Did you implicitly weigh marginal cost and marginal benefit? How does the concept of opportunity cost apply to production possibilities curve (PPC) analysis? How can we use PPC analysis to examine what we do?
Instructor discussion questions:
1.What does it mean to say that scarcity is the central fact of economics?
2. How is the concept of opportunity related to the definition of economics?
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