What are the consequences of choices?
Choices and Consequences ExamplesChoiceConsequenceYou Play PC games instead of working on a big work presentationYou get firedYou decide to buy something that’s out of your budgetToo much month at the end of the moneyYou apply for a new jobYou land an interviewYou don’t prepare for the interview and bombNo new job3 •
Why do choices have consequences?
In life, it is a matter of how the choices you make influence what you become, and how the direction of your lives comes down to those choices you make. That’s why choices have consequences; you get to make your own decisions, but you do not get to choose your results.
Why is it important to make the right choices in life?
Each person has different ideas about what is important and what makes them feel best. Making your own choices about the things you do is very important because it gives your life meaning. Making choices about what is important to you helps you be more independent and in charge of your life.
Is opportunity cost good or bad?
Incurring opportunity costs is not inherently bad, as they do not detract from business decisions; instead, opportunity costs often enhance the decision-making process. Businesses engage in this type of decision-making to ensure the benefits of their decision are always greater than the cost of an alternative.
Why can’t individuals have everything they want?
Since human wants are unlimited, and resources used to satisfy those wants are limited – there is scarcity. We can’t have everything that we want so we have to choose. This is what economics is really all about – MAKING CHOICES. Because of scarcity we as individuals, and our society as a whole, must make choices.
What is the main problem addressed with scarcity?
What is the main problem addressed with scarcity? Making sure that critical resources such as oil and forests are not depleted. Ensuring that an adequate standard of living is achieved. Determining how to address unlimited wants with limited resources.