Economics is a study centered on analyzing scarcity, choices, and opportunity cost. The choice is a necessary part of life. Every action has its costs and benefits. Identifying and quantifying these tradeoffs is at the heart of economic analysis. Let us begin our macroeconomics course with a discussion of an important economic concept – opportunity cost.

Economics is a study centered on analyzing scarcity, choices, and opportunity cost. The choice is a necessary part of life. Every action has its costs and benefits. Identifying and quantifying these tradeoffs is at the heart of economic analysis. Let us begin our macroeconomics course with a discussion of an important economic concept – opportunity cost.

What else you could be doing instead of taking an economics class? What are your foregone alternatives? Analyze one or two of these choices in terms of the alternatives you give up. What other choices do you have? What criteria are used to judge the alternatives?

Please do not forget to cite your sources. Note that the primary posts are to be a minimum of 250 words (not including the original DQ, links, references, etc.)

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