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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. This is a society of wants and our resources are scarce. Decisions in our lives are based on these limitations and sacrifices.





August 1, 2007, was my last day employed with a company for 18 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 nonexistent. 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, p.1).

• Economically speaking there must be an evaluation of marginal analysis (the marginal benefits versus 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. 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, p. 3).


• opportunity costs (cost versus sacrifice)




In September of 2007 I was asked to consider being a...