Economics:WrittenReflectiononOpportunityCosts

Due:Monday,September7inclass

TheTask:
Writea12page(doublespaced,12pt.font)reflectiononatimewhenyoumadea
decisiontodoorpurchasesomethingbyweighingthecostsandbenefitsofyour
availableoptions.Identifyatleastthreeofthoseoptionsandthemarginalcostsand
benefitsofthem,explainwhyyouchosetheoptionyoudid,identifytheopportunitycost
ofyourdecision,andsaywhetheryouwerehappywiththeoutcomeofyourdecisionor
not.

TheRationale:
Everyday,weallweighthecostsandbenefitsoftheoptionsavailabletouswhenwe
makedecisions.Thisiscalledmarginalanalysisanditisafundamentalideainthe
disciplineofeconomics.Thisassignmentisdesignedtohelpyou1)connectthisconcept
toyoureverydayexperiencesand2)thinkabouthowyoumakedecisionsamongvarious
availableoptionsgoingforwardwithanewcriticalperspective.

Rubric:
Economics:WrittenReflectiononOpportunityCosts
Name:

Grade:/100

PerformanceGoal

Comments

Demonstrationofunderstandingof
theconceptsofopportunitycost
andmarginalanalysis(40points)
Yourreflectionshowsthatyou
understandthemeaningofopportunity
costandmarginalanalysisandthatyou
areabletoapplybothconceptstoyour
ownexperience.
Inclusionofallelementsof
assignment(40points)
Yourreflectionidentifiesatleastthree
availableoptionsandthemarginalcosts
andbenefitsofeach,explainswhyyou
chosetheoptionyoudid,identifiesthe
opportunitycostofyourdecision,and
sayswhetheryouwerehappywiththe

outcomeofyourdecisionornot.
Formatandexecution(20points)

12pages,doublespaced,12pt.
font,1inchmargins
Correctspellingandgrammar
Writingiscoherentandtransitions
betweenparagraphsaresmooth
Assignmentisturnedinontime