Based on the first week's readings, how will you use your knowledge of economics to enhance your prospects for success after you graduate?

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pohnpei397 | College Teacher | (Level 3) Distinguished Educator

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In the first week of an economics course, you typically read about the very basics of economics -- things like scarcity and opportunity costs.  The idea of opportunity costs is one that could help you in anything you do.  So is the idea of marginal analysis (which you may or may not have gotten to in one week).

The idea of opportunity cost is the idea that anything you do makes you unable to do some other thing (anything else that you could have done with the time and resources you put into doing whatever it was you did).  Understanding this will help you understand how necessary it is to prioritize your work and other things in your life.

Marginal analysis is closely related to this.  It is when you analyze what you might do then ask whether the benefits outweigh the costs.  This is something that is always valuable to you as well.

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