Document Type
Poster
Language
English
Date
Summer 8-13-2021
Keywords
economics, opportunity cost, marginal benefit, everyday life
Description/Abstract
Economics is a social science that may feel unreal or even useless for many people. Its concepts and definitions can be abstracts, complex and unpragmatic. However, the comprehend of some ideas of this science can be the key for a success decision making process for normal people’s life.
Contrary to popular belief, the economy is not about money, it is focused on studying the problem of shortage. Resources such as time and money are scarce, consequently, understanding the basic of economics is fundamental for everyone not only for economists. The opportunity cost and marginal benefit are an examples of two economical concepts useful for day-to-day decisions.
Disciplines
Economics | Social and Behavioral Sciences
Funder(s)
Bureau of Education and Cultural Affairs (ECA) of the U.S. Department of State
Funding ID
S-ECAGD-21-CA-3004
Recommended Citation
Palencia, Christian, "Economics For Everyday Life: Opportunity Cost And Marginal Benefit" (2021). English Language Institute. 178.
https://surface.syr.edu/eli/178
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Accessibility Notice
For an accessible version of this document, email request containing a link to this page to lib-accessibility@syr.edu.
Additional Information
This work has been created with support from the Institute of International Education (IIE)/Fulbright - English for Graduate Students Program.