ECO 2301 CSU The Concept of Opportunity Cost Questions

1. Instructions

Think about major purchases you have made in the past. Now that you know about opportunity cost, would that knowledge have affected your decision to make any past purchases? Provide one or two examples.

2. Instructions

Right now you are using some type of electronic device (computer, phone, tablet, etc.) to answer this journal question. What factors have caused your demand for electronic devices to shift to the right (increase) over the last 5 years? Use economic terminology to identify at least one factor that has shifted the demand curve and one factor that has shifted the supply curve for you.

3. Instructions

Identify a good and a service that you have used that you believe are complements of one another. Why do you think the good and service complement each other?