Suppose you are a freshman in college and you have not decla

Suppose you are a freshman in college and you have not declared a major. One reason you enrolled at your respective college was the school\'s vibrant social life. At the same time, you want to balance your academic life because you know that your grades will matter for graduate school or job applications. You decide to forgo partying for 2 hours to study for an upcoming economics exam. In your first-semester, \"Principles of Economics\" class, you learn the enjoyment you would have received from partying is an example of a(n) While in class, you realize that there are more people in the classroom than there are seats. Across the hall, you notice a large, empty lecture hall and wonder why the university is not operating at Your economics professor is attempting to recruit more students to major in economics. She argues and presents data showing economics majors develop skills valuable in private industry, government, and research. She also argues that they earn a relatively higher income than other majors. Your professor is presenting you with to major in economics. You are assigned a final group project for your economics course. One member of your group is really good at finding resources for the project, one is good at proofreading and editing, and you are really good at more efficiently than if you all did each part together.

Solution

1) Opportunity cost

2) Efficiency

3) Incentives

4) Specialization