ECONOMIC THINKING AND ECONOMIC SYSTEMS

Why do we make choices? Most of the economic fundamentals revolve around this question and countless questions could be answered through understanding the economics way of thinking.

For your initial post, answer the following questions.

Share with us an example from your life where you had to make a choice knowing that you are giving up opportunities for doing or gaining something else. Tell us about your thinking process and how you arrived at the final choice you made. Would you make the same choice again?

Create a descriptive post (300 words min) to explain at least one of the economic concepts listed below, support the description with an example.

• Opportunity cost
• Trade off
• Scarcity
• Economic problem
• Production possibilities frontier
• Budget line
• Utility
• Economic growth
• The market system and the command system

1 Page