Christian PalenciaFollow

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Summer 8-13-2021


economics, opportunity cost, marginal benefit, everyday life


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.


Economics | Social and Behavioral Sciences


Bureau of Education and Cultural Affairs (ECA) of the U.S. Department of State

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Creative Commons License

Creative Commons Attribution-NonCommercial 4.0 International License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License

Additional Information

This work has been created with support from the Institute of International Education (IIE)/Fulbright - English for Graduate Students Program.

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