Scarcity and Smart Choices



Cost-Benefit Analysis



Your Name _______Matthew McAdoo___________________________



Step 1: Asking a Question. Identify a dilemma in the form of a question that can be answered “yes” or “no.”







Step 2: Using a Cost-Benefit Analysis.

Cost-Benefit Analysis

Your Dilemma: ______________________________________

Costs

Benefits



































Step 3: Answer the reflection questions.



Explain how each concept—scarcity, choice, and opportunity cost—relates to your dilemma. Use three separate statements in your response, one for each concept.









When making a decision, are the costs and benefits equally important to you? Why or why not? Based on your chart, explain whether the costs or the benefits have the greater impact on your choice. Include whether short-term versus long-term costs and benefits affect your thinking.













Based on the chart and your responses to the above questions, what will be your final choice? Write a brief paragraph with at least three details to persuade your instructor that this is the best decision for you.