After you have identified the goal and the resources, your next step is to (a)  

After you have identified the available alternatives to reach the goal, your next step is to (a)  

After you have listed the advantages and disadvantages of each alternative, your next step is to (a)  

The final step in Benefit/Cost Analysis is to (a)  

In any decision, there are how many costs?

To achieve my goal of maximizing my well-being on Sunday , I used 3 hours of my human capital to watch football instead of studying for my econ class. The opportunity cost in this example is_____.

To achieve my goal of maximizing my well-being on Sunday , I used 3 hours of my human capital to watch football instead of studying for my econ class. The RESOURCE in this example is_____.

To achieve my goal of maximizing my well-being on Sunday , I used 3 hours of my human capital to watch football instead of studying for my econ class. The CHOICE in this example is_____.

To achieve my goal of maximizing my well-being on Sunday , I used 3 hours of my human capital to watch football instead of studying for my econ class. On the test on Monday, I got a C instead of an A because I didn't study. The CONSEQUENCE in this example is_____.

Which of these could you do a benefit/cost analysis on?

Vartan is considering buying a used car. He has narrowed it down to three: a 2010 Honda with 200,000 miles

for $5,000; a 2015 Dodge with 125,000 miles for $6500; or his uncle’s old 2008 clunker Toyota Corolla with

lots of miles on it (the speedometer broke a couple of years ago) for $500. His order of preference is the

Dodge (1), uncle’s Toyota (2), and the Honda (3). He decides to buy the Dodge. Before deciding, his

alternatives were:

Vartan is considering buying a used car. He has narrowed it down to three: a 2010 Honda with 200,000 miles

for $5,000; a 2015 Dodge with 125,000 miles for $6500; or his uncle’s old 2008 clunker Toyota Corolla with

lots of miles on it (the speedometer broke a couple of years ago) for $500. His order of preference is the

Dodge (1), uncle’s Toyota (2), and the Honda (3). His choice was the Dodge. What was his opportunity cost?

Vartan is considering buying a used car. He has narrowed it down to three: a 2010 Honda with 200,000 miles

for $5,000; a 2015 Dodge with 125,000 miles for $6500; or his uncle’s old 2008 clunker Toyota Corolla with

lots of miles on it (the speedometer broke a couple of years ago) for $500. His order of preference is the

Dodge (1), uncle’s Toyota (2), and the Honda (3). He chooses the Dodge. After driving the Dodge for three months, the engine blows. The blown engine is a:

After a decision has been made, a positive or negative outcome of the decision is a _____________ of the decision.

Using economic reasoning, Susan will make a decision based on: