Running head: Economic Concepts Worksheet
Economic Concepts Worksheet
University of Phoenix
Economic Concepts Worksheet
Concept Application of Concept from Personal Experience Reference to Concept in Reading
Resources in our world are limited. We are a society of wants and our resources are scarce. We must make decisions in our lives based on these limitations and sacrifices.
August 1, 2007, was my last day employed with a company for eighteen years. After searching for a job for four months, I realized that in the area I live in Lab manager or chemist jobs are almost non-existent. Employment at any monetary level that would not cause a major financial struggle was not available. I had to choose whether to accept a job at entry level position or change careers. “Scarcity limits our options and necessitates that we make choices” (McConnell & Brue, 2004).
• Economically speaking we must evaluate the marginal analysis (the marginal benefits verses the marginal cost)
A few years ago I was faced with the decision of repairing a car which I owed 24 months of payments, or purchasing a new one. The repairs on the car were almost $5000.00. I had to decide would it benefit me to continue placing money in the older car and be out of debt in two years or obtain a few more years of debt with a more reliable vehicle. “Marginal Analysis is the comparison of marginal benefits and marginal costs, used this way marginal means extra, additional, or a change in.” (McConnell & Brue, 2004).
• opportunity costs (cost verses sacrifice)
In September of 2007 I was asked to consider being a partner in a franchise. Purchasing and owning a franchise or any type of business requires a lot of time and money that I was not in the habit of giving up. I had to consider that if I did go into business would I want to make the sacrifices for it to succeed.
• Production factors
(property resources and human resources) and
The chemical company I...