Economic Concepts Worksheet
Running Head: ECONOMICS CONCEPT WORKSHEET
Economic Concepts Worksheet
|Concept |Application of Concept from Personal Experience |Reference to Concept in Reading |
|Economic Thinking |After high school, I had a choice of getting a full-time job |“ Economics is the social science |
|The economic perspective includes three |with a construction company or going to college. The |concerned with the efficient use of |
|elements: |full-time job would have given me instant benefits. I decided|scarce resources to achieve the |
|Scarcity and choice |to look at the “big picture”. Going to college would give a |maximum satisfactive of economic |
|Rational Behavior |better opportunity to succeed in life. It would also give me |wants. Our economic wants far exceed |
|Marginalism |the opportunity to make a much a higher income. |the production capacity of our |
|The cost of that which you get is the | |limited or scarce resources” |
|value of that which is sacrificed to | |(McConnell & Brue, 2004) |
|obtain it. | | |
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