Answer the Reflection Questions
1.Explain how the concepts of scarcity, choice, and opportunity cost relate to your dilemma.
Time Scarcity is a big part of my dilemma. Having a job is a big responsibility which involves giving up a lot of the normality in one’s life. You won’t be able to for example; go out with friends or be on a sports team. When having a job, you will need to choose how many times a week you will work, what field you will be in and also the duration of your job. These decisions will affect how long the costs mentioned above will last. If I choose to have a job I will have to deal with the stress and lack of involvement that comes with having one which would be an opportunity cost.
2.When making a decision, are the costs and benefits equally important to you? Why or why not? Based on your chart, explain which category, costs or benefits, would have the largest impact on your decision?
When making a decision, the costs weigh more heavily on me. Some costs alone could outweigh all of the benefits. For example, if I get a job, I might not be able to play basketball which...