An Example Of Thinking Economically

An example of thinking economically is deciding whether to go out for the night with your friends or to stay home and study for a test. You are giving up either quality time and memories with friends or how well you do on the test. Thinking economically would be to stay home and study for your upcoming test because doing well in school will eventually bring you more wealth through better job opportunities. What you are giving up better know as the opportunity cost would be time spent with your great friends for the night.

Another example of thinking economically is to additional spending money towards your car loan or upgrading your car parts. By thinking economically, extra money towards your loan will be better because then you won’t