Harry Watson is an engineering student taking an economics elective in his senior year. He has the option after college to work as a petroleum engineer or design rollercoasters. He is using concepts learned in his economics course to help with this decision. By considering that he cannot be both a petroleum engineer and a rollercoaster designer, he is acknowledging the dependencies that exist
A)between his own choices.
B)between people or businesses in the same market.
C)between markets.
D)through time.

Question

Quizplus · Accepted Answer

By acknowledging that he cannot be both a petroleum engineer and a rollercoaster designer, Harry is considering the trade-offs and opportunity costs of each choice. This is a fundamental economic concept known as "scarcity" which relates to the fact that resources (including time, money, and skills) are limited and must be allocated among competing options. In this case, Harry must consider which option has the best potential return on investment and the most satisfaction for him personally.

Harry Watson Is an Engineering Student Taking an Economics Elective