Economic Concept Worksheet
Economic Concepts Worksheet
Concept Application of Concept from Personal Experience Reference to Concept in Reading
Scarcity and Choice means that people want more than what is available.
I worked for a clothing store and I was there for a long while and I figured that I would ask or a raise or see how I could get a promotion and get more money, well the manager of the store told me that there was no room for promotions in the store because every store gets a limited amount of hours per week and if they give me a promotion or even a little raise someone would have to get fired. "Scarcity and Choice limits our options and necessitates that we make choices. Because we "can't have it all," we must decide what we will have, and what we must forgo," (McConnell and Brue, 2004, Chapter 1, pg. 1).
Opportunity Cost is the cost of passing up the next best choice when making a decision
I work for Hamilton County Schools and there are many accounts that have to be watched over carefully. One account that is used the most is title one and it holds the most amount of money. Well when using this account the principle has to make sure that the money that is coming out of it is for a good cause. So that is where the opportunity cost begins because it is an important part of any company's decision-making processes, that could either help or harm the way the account is used. "Opportunity cost is the amount of other products that must be forgone or sacrificed to obtain 1 unit of a specific good" (McConnell & Brue, 2004, chapter 2).
Factors of production has four resources :
Land
Labor
Capital
Entrepreneurial ability
and when they are all combined to produce goods and services, they are call the "factors of production. I worked at Kraft and we had to do production every night and in order to make production we had to do at least 3,500 boxes a night and 50 crates total. And at...
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