Concept Application of Concept from Personal Experience Reference to Concept in Reading
Opportunity Cost is stated as a cost of an alternative that must be given up in order to pursue a certain action. This concept can be used through:
• Career Choice
• Time Management
• Cost of Capital
• Production possibilities

Every time a choice is made, something else must be given up. In other words, the benefits someone could have received by taking an alternative action. This can be applied to both economics as well as to the individual decision making processes. This was chosen to demonstrate that decisions made in life impact the possible results. I

“The amount of other products that must be forgone or sacrificed to obtain 1 unit of a specific good”
(McConnell & Brue, 2004, p20).

Productive Efficiency is described as the ability to produce a good using the fewest possible resources. This concept can be applied to :
• Manufacturing
• Energy efficiency
•......

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Title: Econ Concepts
Approximate Word Count: 635
Approximate Pages: 3 (250 words per double-spaced page)

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