Economics Rationale for The Activity

Post # 1: Write a short, well-written paragraph (maximum 5-8 sentences) that responds to this question:

You have so far studied some of the fundamental concepts in economics (e.g., scarcity, choice and opportunity cost, etc). These concepts are very critical in making good decisions by individuals, businesses, governments and non-profit and non-governmental organizations in society. As an individual or as a business leader or as a decision maker in a governmental or non-governmental agency/organization, can you explain with a practical example in a well-written short paragraph (maximum 5-8 sentences) how you would incorporate or apply any of the fundamental concepts you have learned in your specific decision-making?