Question

After reading the textbook Chapter 1, and specifically Economics in Action (EIA): BOY OR GIRL? IT DEPENDS ON THE COST, write one to two paragraphs describing a recent decision or choice that you have made using the concepts of scarcity, choice, and opportunity cost. Where there any unintended consequences of your decision? The idea of a Discussion Forum is to have an asynchronous "class discussion" regarding a topic. This is a two part assignment worth 10 points. In order to receive full credit for this required assignment:

Answer 1

Individual choice is the decision by an individual of what they have to do and what they would not do.This is merely upto them to make a decision to make themselves feel comfortable.I had a plan to buy a car and I would always compare the prices of the fuels going up and down by analysing the price variation I decided to buy myself a diesel car, this was my decision with a expectation that was fulfilled.Generally while making a decision we come across opportunity where we can compromise with a cost and buy an alternative.Here I had an opportunity to make an alternative choice of car with the same price but varying in terms of fuels.Scarcity is the unlimited wants with the limited options its due to the insufficient productive resources.Generally when we look at the demand in the market that is going high our focus is towards it and when more number of consumers are there it is clear that there would be insufficient products in the market when there are more consumers for it.In this type of situation the opportunity cost play a vital role to make an alternative for the product with scarce situations.Markets are many types and each market will face the same situation on the each side.