Please read below and answer the questions. Also, please pay close attention to the “note” section to properly answer the questions.
Every time we have to make a choice we are faced with an opportunity cost. Using an example in your professional life (I work in administration), identify a situation where you were presented with a choice, the opportunity cost of the choice you made, and the process you used to make your choice. As part of your discussion, explain whether or not responsible stewardship played a role in your choice. Remember to use the appropriate economic concepts and terminology that are applicable to your answer.
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1) Support. Every post should have a cited quote to support their arguments. This is more than just a reference at the end. This quote can come from the book or elsewhere, but without any support, points will definitely be lost. Thank you for 2 good quotes…be sure to continue this on replies.2) Terminology. You discuss opportunity cost, but not how it is made up of different things. There are terms related to this that should be noted. I also do not see MB vs MC, which is huge as it shows you are thinking like an economist. Often times, application of the terminology covered is the biggest place where points are lost. 3) Responsible stewardship. Many people will breeze right over their discussion on this or not do it at all. Our core values help separate SLU from others and I ask that everyone reflect on how it works in their choices. I am glad to see that you recognized this behavior is not one that will get you far and you have succeeded based on adjustments since this event. That being said, responsible stewardship is all about thinking like an economist to maximize our benefits and minimize our costs.