- What are some of the opportunity costs that you face by taking this course?
Opportunity cost is what a person has to give up in order to have something. Since the economic decision involves multiple options, as I choose to study microeconomics, the opportunity costs that I will face would be any other course that I may have decided to study like business administration or statistics. Thus, the opportunity cost will be studying other course, because I have to forgo the opportunity to study business administration or statistics.
- What are some costs and benefits of taking this course?
The costs and benefits of taking this course, refers to sacrifice compared to the advantages, thus when cost outweigh the benefits, one is unlikely to take the course. In this course, the costs are high fees and living costs and time required to study. While the benefits are, this course has variety of career choices in finance, education, public policy and business. It is high paying. In addition, the skills gained can help me solve problems and make decisions in various aspect lives. The course in microeconomics will also enable me to understand world affairs and global business.
- How is taking this course acting in your self-interest
Taking this course is in line with my self-interest, this is because I will be seeking to attain or fulfill my own personal gain. As I will be studying microeconomics course to get a better job and earn better salary that will enable me to have or get things I want in life. Thus, I took this course because it acts in my self-interest and it will be able to benefit me and others through my skills since self interest produces behavior that do benefit others and helps one to attain his goals.