The most interesting concept that I have gained so far from economics is a person
deciding on what to do or not do. These are well described under concept of opportunity cost,
PPF curve, comparative advantage and marginal analysis. They all involve choices. Since
resources are insufficient to satisfy all productive uses, individuals must make choices. You
cannot have everything you want for example when students ask their parents’ something, and
they are told no! Such resources include labor, capital, land, and human capital. Since the
resources are limited, choices should be made. Economics is a social science that entails the
study of choices.
Opportunity cost is the best alternative picked from competing variety of choices. Is the
value one would have received from choosing other option. I had two choices after being gifted
with US$ 1000 from my parents at my birthday. I was to either put money in the bank to earn
