Economic Concepts Unit 1 Ip

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Unit 1 Individual Project
Economic Concepts
Lamar Dolby
ECON220-1204B-04
Faime Moussavi
October 7, 2012

Abstract
Michelle and James are two people faced with opportunity cost decisions. They both can produce chickens and potatoes or one or the other. They both live in isolated regions but share the same resources. When faced with opportunity costs one has to decide what they have to give up in order to gain something they want. In the scenario Michelle can grow 200 potatoes per year or raise 50 chickens per year. James can grow 80 potatoes per year or raise 40 chickens per year. They both can gain and lose from doing both or choosing one and devoting all their time to that particular area.

Opportunity Cost
Introduction
In today’s society we are faced with many different choices and decisions to make. Should I buy a new car today? Can I afford to purchase a new home? I am sick but I am going to work anyway. These questions and the choices made are all opportunity costs. Opportunity cost does not always have to deal with money or a number (2007). Opportunity cost is the choice you make or the alternative the choice you made. Simply put, “What you would have done if you had not made the decision you did”. We must understand that an opportunity only considers the next best alternative to an action (2007).
Scenario; Michelle Michelle’s opportunity cost for producing only potatoes is, she would have to give up producing chickens. She could produce 200lbs. of potatoes per year if she devoted all of her time to it. Seeing that she lives alone in an isolated region she is the only one who will be taking care of the crop, cultivating and fertilizing the land, and harvesting it when it is ready to be sold. Michelle’s opportunity cost for producing chickens is almost the same but with a few differences. If she were to devote all of her time to raising…...

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