Productive efficiency.

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Chapter 1, Problem 1.2CTE

To determine

Productive efficiency.

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One of the lessons of economics is that “there is no such thing as a free lunch.” This means that businesses, consumers, and whole societies face trade-offs whenever they make a decision. Please draw on your own experiences to discuss the following three items. Make sure you use economic concepts in your main contribution. Explain a decision that you have made at work, or one concerning your career, or any major life decision that you have made. Identify and explain the trade-offs that you faced. List the alternatives you had, identify the highest valued alternative, and explain your final decision to the class.

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Economics is the science that studies human behavior as a relationship between ends and scarce means which have alternative uses. How do you apply this statement in actual economic situations in our economy?