Give an example of how the Principle of Opportunity Cost applies to your life. T

Question

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?

Explanation / Answer

Time to rewind back to Economics 101. The beautiful topic of Economics is based on the principal of scarcity: we have a limited amount of time and resources available to us and must make choices of how to allocate what we DO have. In college, this means balancing the 3 S

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