Free «Economics Assignment» Essay Sample
Yes, I would face scarcity when choosing what to do with time. This arises from the numerous tasks to do whereas time is not abundant and needs are unlimited. The unlimited tasks make it hard to choose what to do with the time since the time is scarce. This promotes the need to make a choice and given that the choices are hard to make. The key problem is the finest way to tackle the problem of allocating the time resource the best way possible. The finest way to make choices is by using the concept of opportunity cost and thus helps to select the best alternative for using the scarce time.
Yes, I took rational decisions by joining college. Rational decision making is the decisions made on the best benefits that will arise from it. I know I made rational decisions since the benefits of joining college are numerous. The decision to join college has enabled me to learn many things as well as gain a lot of knowledge in my aspired field. Not counting the financial remunerations of securing employment after college. The completeness in joining college makes it a rational decision.
Joining college has many benefits equally financial as well as socially. After getting the college education, there are the prospects of getting a decent job thus the financial benefits will arise from there. It is also in college where one gets the skills of entrepreneurial nature hence can put them in practice in the future, and gain the financial benefits. The other benefits include the gaining of intelligence to handle life issues and other challenges more effectively.
The marginal benefit includes the prospect of better performance in the unit studied in the extra hour. The extra hour enables me to cover extra work thus it is a marginal benefit. It is also possible the extra hour will give marginal benefit since I will understand a concept better. The marginal profit accompanied by marginal cost whereby the activities of the extra hour forgone by choosing to study instead of the other activity. This is the concept of opportunity cost of studying and not doing something as well.