1. Charles E. Phelps (2010) maintains that "economic thinking rests fundamentally on the premise that consumers make choices to maximize their utility [a measure of satisfaction], limited by the amounts of goods that the consumer's income can purchase". Can you relate to that on a personal level? Consider three different scenarios when deciding how much money you would spend on a summer vacation.
   1. You have limited funds and stay close to home
   2. You have saved throughout the year to allow you to go on a pleasing (but not dream) vacation.
   3. Money is no option for your dream vacation