Economics Concepts Worksheet
Economic Concepts Worksheet
Concept Application of Concept from Personal Experience Reference to Concept in Reading
Economic Perspective
Economic Perspective involves three elements
1. Scarcity and choice
2. Rational Behavior
3. Marginalism
Economic Perspective is the understanding of why people choose one want over another
When I graduated with my under-graduate degree I had to make the choice to either move back to my hometown where my family and friends were or take employment in a different state. I chose to move back to my hometown because I figured I would have been able to find employment in my hometown. In retrospect, I had much more potential to make more money if I would have chosen to take the position the other state. “ Individuals look for and pursue opportunities to increase their utility – that is, pleasure, happiness, or satisfaction” (McConnell & Brue, 2004, p.2).
“Self-interest behavior is simply behavior that enables a person to......
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Approximate Word Count: 953
Approximate Pages: 4 (250 words per double-spaced page)
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