Question

For each of the following scenarios identify the correct term.

Suppose you are a freshman in college and you have not declared a major. One reason you enrolled at your respective college was the school's vibrant social life. At the same time, you want to balance your academic life because you know that your grades will matter for graduate school or job applications. You decide to forgo partying for two hours to study for an upcoming economics exam.
a. To make that decision you weighed your opportunity cost(s),
You start a part-time job as a package handler at a large delivery company. After training, you start your first shift and your supervisor tells you to unload packages from a single truck. Unfortunately, he tells 5 other people to do the same which causes most of you to stand around and wait for your co-workers to get out of the way. There are several other trucks already on the dock waiting to be unloaded.
b. Which of the following terms best describes what your supervisor has failed at?
a) equity.
b) incentive(s).
c) efficiency.
d. market failure.
c. Your professor is presenting you with_____to major in economics.
You are assigned a final group project for your economics course. One member of your group is really good at finding resources for the project, one is really good at proofreading and editing, and you are really good at making a presentation.
d. Based on this, you know that via___you can complete the project more efficiently than if you all did each part together.

Answer 1

a). Opportunity cost

In the field of economics, Opportunity cost may be defined as the loss of a potential gain when some other alternatives are chosen from a given set of opportunities.

b). efficiency

c). Our professor presents us the incentives for major in economics.

d). I can complete the project via specialization more efficiently rather than doing it all each part of the project together.