Economic Questions Assignment Example | Topics and Well Written Essays - 250 words

Economic Questions - Assignment ExampleFor instance, if an individual requires to judge whether a holiday is a conk out option or buying a DIY set is a better option (based on their economical condition), then the benefits of both need to be weighed and based on this the individual can make a more informed decision. Consumers need to ensure that their money is invested into an area which had a higher return and proves to be more beneficial based on their economic condition and for that period of time. Hence opportunity cost allow consumers to make more informed decisions (McConnell, Brue, & Flynn, 2008).While understanding the concept of Production Possibility curve, it is necessity to learn in detail the possible outcomes and combinations that need to be produced within the economic resources that are gettable in the period. This can be clearly noted as the PPC tends to provide the maximum outcomes which helps give a clearer idea of the law of diminishing