One of the key principles of Economics is that people face trade-offs or choices. Because of scarcity we all have to make choices. Here is the assignment: a. Share THREE examples of important trade-offs you have faced in your daily lives? What were the costs and benefits of each of these choices? How did you go about making those choices? An appropriate response for one of your choices could be as follows: This is the instructor's example : Every year I have to decide whether I will teach a face-to-face summer class or not. If I teach the summer class it means that I would make more money. The $X that I would get to teach the class was my marginal benefit. However, if I teach a summer class, I don't have as much time to spend with my family and do the things I would otherwise do like hiking or playing tennis. More importantly, I am not able to travel to India to see my family there. So giving up the chance to engage in leisurely activities and to travel is the opportunity cost of teaching a summer class. I usually choose not to teach the face-to-face class in the summer because to me the opportunity cost of teaching the class (having to give up time with my family, traveling to India, etc.) is higher than the marginal benefit (extra summer pay) derived from the summer class