Cost Benefit Less time for things I like to do.| Higher grades.|
Less time for family and friends.| Increased scores in finals.| Less time to earn money.| Graduate high school and more opportunities.|
1 Explain how the concepts of scarcity, choice, and opportunity cost relate to your dilemma. For scarcity it would be that instead of me doing other things of my liking I would study, resulting in higher grades. Opportunity cost would be for example working which comes with making money and letting that go but then in the long run being able to graduate high school and have more opportunities. 2 What are the possible short-term costs and benefits? What are the possible long-term costs and benefits? Explain your answers and make sure all are listed in your chart. The short term costs would be to give up things I like in return for higher grades. Also giving up some time with friends & family would be shown in my final scores as it gives more time for studying. Also not working or making an income would take up less time and would make me be able to concentrate full time on my studies. 3. Which column has more responses? Which column has more powerful responses? Explain which points are most important to you and why. I believe the more powerful response come from the benefit as they are what I want the most and don’t really compare to the other short term effects. For example I would rather want to graduate and whatnot than to have money right now as I know it will help me in the future.
4. Based on the chart and your reflection of the above questions, what will be your final choice? Was this process helpful to you in reaching a decision? Write a brief paragraph with at least three details to persuade your instructor that this is...