People Face Trade-offs: Impact of Selecting Courses and Comparing Marginal Costs and Marginal Benefits

People Face Trade-offs
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People Face Trade-offs
Trade-offs make people choose one thing and leave the rest. To get one thing, you have to give up another. It requires decision making by trading off one goal against the other. In decision-making, one faces the cost of action, which is the foregone opportunities. In my trade-offs when selecting courses to study, I must forgo opportunities by comparing marginal costs and marginal benefits and eventually respond to available incentives. First, I have to select the first three required courses and select the fourth one from many other available options.
I am majoring in Bachelor of Science (Mathematics and Economics). To select the best courses to complete my major, I have to make the best decision. The decision I make today will have an impact on my future. Therefore, I have to look at the benefits of each course and settle on the most useful and profitable ones. For the three courses required, the first course is Monetary Economics. This course is essential both in the present studies and future career. I will be able to understand the efficient functioning of the economy and monetary policy to help control inflation and promote economic growth. Besides, I will be helpful as I shall help my future organization and the entire country with monetary decisions.
The second course is a legal institution. This course is beneficial to my career as an economist. I need to know about the law and how it is related to various institutions in the economy. I will understand the rela...