One of the most important topics in economics is opportunity cost. Societies, countries, and individuals all must make choices about how to allocate their scarce resources. An example for a society would be the following production possibilities curve, which shows the combinations of guns and butter that a society can produce using its scarce resources. Guns vs. Butter Individuals face opportunity costs as well. For this week's discussion, play the following simulation and describe some of the opportunity costs you faced throughout the year. 1. What is an example of a choice you had to make in the simulation? 2. What is the opportunity cost associated with that choice? 3. Have you had to make a similar decision in your real life? http://www.omsi.edu/exhibits/moneyville/activities/getreal/getreal.htm Assessment should be a minimum of 300 words with proper citation

One of the most important topics in economics is opportunity cost. Societies, countries, and individuals all must make choices about how to allocate their scarce resources. An example for a society would be the following production possibilities curve, which shows the combinations of guns and butter that a society can produce using its scarce resources.

Individuals face opportunity costs as well. For this week's discussion, play the following simulation and describe some of the opportunity costs you faced throughout the year.


1. What is an example of a choice you had to make in the simulation?
2. What is the opportunity cost associated with that choice?
3. Have you had to make a similar decision in your real life?

http://www.omsi.edu/exhibits/moneyville/activities/getreal/getreal.htm

Assessment should be a minimum of 300 words with proper citation in APA format and plagiarism free.