Step 1 Asking a Question Identify a dilemma in the form of a question that can be answered yes or no The Dilemma can be Should I buy a car or Should I buy this Arabic perfume or anything you want Step 2 Using a Cost Benefit Analysis Cost Benefit Analysis Your Dilemma Costs Benefits Step 3 Answer the reflection questions Explain how each conceptscarcity, choice, and opportunity costrelates to your dilemma Use three separate statements in your response, one for each concept When making a decision, are the costs and benefits equally important to you Why or why not Based on your chart, explain whether the costs or the benefits have the greater impact on your choice Include whether short term versus long term costs and benefits affect your thinking Based on the chart and your responses to the above questions, what will be your final choice a brief paragraph with at least three details to persuade your instructor that this is the best decision for you Example Cost Benefit Analysis Your Dilemma Should I get a part time job Costs Benefits I wouldn't have time for tennis lessons (short term) I'd have my own spending money (short term) The job might interfere with football games and other social events (short term) I'd learn Important skills for future employment (long term) I would need to find transportation (short term) I might be able to get my own car after saving a while (long term) Explain how each conceptscarcity, choice, and opportunity costrelate to your dilemma Use three separate statements in your response, one for each concept Time and money are scarce, so obviously I can't choose to go to both types of college classes and the money issue does heavily lean me towards community college Ultimately, I have to make the choice and first I need to realize the costs and benefits of the decision made The opportunity cost of attending community college would be the loss of attending the university right away When making a decision, are the costs and benefits equally important to you Why or why not Based on your chart, explain whether the costs or benefits have a greater impact on your choice Include whether short term versus long term costs and benefits affect your thinking They are not equal to me I am not likely to earn a scholarship and do not have a great amount of savings, so the cost of college itself carries more weight Though I would love to be with my friends, I don't want to create a huge debt or have to stop my classes because I can't afford them Completing my degree is most important, so the items related to money in the benefits column have the greatest impact on me In my case, I really need to focus on the short term costs It makes sense to me to save money in the short term and take my pre requisite classes at the community college I can work and save money to pay for the last two years of my degree at a university Based on the chart and your responses to the above questions, what will be your final choice a brief paragraph with at least three details to persuade your instructor that this is the best decision for you I have chosen to attend my local community college for the first two years I will still end up attending a university and I think I will be better prepared for it As I mentioned, the cost factor is huge to me since my savings will not cover the cost of attendance at a university Starting out local will help me save money I will still be able to see my friends occasionally I would not be abandoning them Plus, I will have many opportunities to get involved at the community college and probably will make new friends

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Step 1: Asking a Question. Identify a dilemma in the form of a question that can be answered yes or no. The Dilemma can be

Step 1: Asking a Question. Identify a dilemma in the form of a question that can be answered "yes" or "no."

The Dilemma can be " Should I buy a car?" or "Should I buy this Arabic perfume?" or anything you want.

Step 2:Using a Cost-Benefit Analysis.

Cost-Benefit Analysis Your Dilemma: ______________________________________
Costs	Benefits

Step 3: Answer the reflection questions.

Explain how each conceptscarcity, choice, and opportunity costrelates to your dilemma. Use three separate statements in your response,one for each concept.
When making a decision, are the costs and benefits equally important to you? Why or why not? Based on your chart, explain whether the costs or the benefits have the greater impact on your choice. Include whether short-term versus long-term costs and benefits affect your thinking.
Based on the chart and your responses to the above questions, what will be your final choice? a brief paragraph with at least three details to persuade your instructor that this is the best decision for you.

Example:

Cost-Benefit Analysis Your Dilemma: Should I get a part-time job?
Costs	Benefits
I wouldn't have time for tennis lessons. (short-term)	I'd have my own spending money. (short-term)
The job might interfere with football games and other social events. (short-term)	I'd learn Important skills for future employment. (long-term)
I would need to find transportation. (short-term)	I might be able to get my own car after saving a while. (long-term)

Explain how each conceptscarcity, choice, and opportunity costrelate to your dilemma. Use three separate statements in your response, one for each concept. Time and money are scarce, so obviously I can't choose to go to both types of college classes and the money issue does heavily lean me towards community college. Ultimately, I have to make the choice and first I need to realize the costs and benefits of the decision made. The opportunity cost of attending community college would be the loss of attending the university right away.
When making a decision, are the costs and benefits equally important to you? Why or why not? Based on your chart, explain whether the costs or benefits have a greater impact on your choice. Include whether short-term versus long-term costs and benefits affect your thinking. They are not equal to me. I am not likely to earn a scholarship and do not have a great amount of savings, so the cost of college itself carries more weight. Though I would love to be with my friends, I don't want to create a huge debt or have to stop my classes because I can't afford them. Completing my degree is most important, so the items related to money in the benefits column have the greatest impact on me. In my case, I really need to focus on the short-term costs. It makes sense to me to save money in the short-term and take my pre-requisite classes at the community college. I can work and save money to pay for the last two years of my degree at a university.
Based on the chart and your responses to the above questions, what will be your final choice? a brief paragraph with at least three details to persuade your instructor that this is the best decision for you. I have chosen to attend my local community college for the first two years. I will still end up attending a university and I think I will be better prepared for it. As I mentioned, the cost factor is huge to me since my savings will not cover the cost of attendance at a university. Starting out local will help me save money. I will still be able to see my friends occasionally. I would not be abandoning them. Plus, I will have many opportunities to get involved at the community college and probably will make new friends.