Opportunity Cost, Scarcity, Production Efficiency, Allocative Efficiency, Incentives, Human Capital, Specialization, and Comparative Advantage General Instructions: Choose one concept from the list above, and write a paper a 350 to 500 word paper (350 words, is the absolute minimum) in which you state a response to the foltowing prompt; "Before participating in the Graded Discussion 1, I thought about (one of the concepts from the list) in this way now I think You are free to organize and arrange your sentences and paragraphs in any you see fit, but your response MUST at least have the following 5 elements: It must state and define the concept or idea. It must explain how you viewed or understood the concept before this class. It must explain your new way of viewing, or understanding the concept. It must say the reason why your perspective, or understanding changed. In other words, what did you do, see, or hear as a result of this class that helped transform your opinion. It must have information, data or facts that supports the reason for your change. The information, data or facts can be presented in the form of an example, or as part of an explanation. As you produce your response, you should also consider the following: The implications of the change in perspective. In other words, now that you see this in this way, what are some of the things that will come after? What will you do differently? What follows? Also, analogies and metaphors are a great way to illustrate how one views a concept or an idea