Scarcity & Opportunity Cost

Scarcity and opportunity cost.

1. In your own words, describe how opportunity cost is used in decision making?
2. Why is it important to think about what is forgone when decisions are made?
3. Write an example of a decision that you made recently where you had to think about the opportunity cost

Requirements for Paper:

•  Must be in APA format. (Be sure to include a separate title and reference page, an introduction, subheadings, and a conclusion).
• The requirements for this assignment are 1 to 2 pages in length (not including title and reference pages), double spaced, 12-point Times New Roman font, 1-inch margins, and discipline-appropriate citations.
• Due today (10/1/15) at 5:00 PM Eastern Standard Time