What arethree (3)economic conceptsthat you think you will remember from this "Macro Economics"

please invlove: three paragraph each concepts, describe a concept, and then to further discussa specific wayin which you will likely be able to apply the conceptin your own lifein at some point the future.

this is example.

1) Opportunity Cost. Opportunity cost is the loss of potential gain from other alternatives when one alternative is chosen; it's what you're willing to give up. For example, I'm so busy with schoolwork today so I'm considering ordering food instead of cooking. I will need to pay $30 to have a meal delivered to my house. Since I have a lot of work to finish and now that I'm exhausted, I choose to spend $30 and have food delivered. The opportunity cost in this scenario is that I could have had two meals for $30 if I had cooked, but I'm willing to give up $30 for a meal so I could spend the time cooking to rest. The value in this example is money, but it can also be measured by other means like time or satisfaction; from that, I can see how opportunity costs present in every decision we make. As a college student, I pretty much concern about whether to spend more money and less time or to spend less money but more time to do something, such as taking Uber versus bus. Now I start to look at the big picture instead of what's presented (explicit) there and then to me, as well as how to calculate/measure the costs of each alternative to make better, more efficient decisions (using numbers is very helpful!)

2) Comparative Advantage(and again, Opportunity Cost)

The law of comparative advantage states that an individual/firm/country can gain by specializing ("specialization") in the production of goods that they produce cheaply (at a low opportunity cost) and exchanging these goods for those that they cannot produce cheaply (at a high opportunity cost). When countries specialize in the production in their area of comparative advantage and trade with each other (international trade), every country that's involved will benefit. I think this concept can help me to determine what task I can do by myself and what task I should assign to someone else. If I were to run a business, I might have this idea that I should do everything on my own so that I don't have to pay anyone to do something I can do. But that's not always the best option, because there will be some tasks that I will take a lot more time to complete. In that same period of time, I could have done something else that may generate money and help my business.

3) The Business Cycle

Business cycle refers to fluctuations in economic activity occurring over time. There are four distinct phases of a business cycle, which are expansion, peak, contraction, and recession. These phases are determined by considering gross domestic product (GDP), interest rates, consumer spending, and employment rates. An expansion is the period from a trough to a peak, with indicators such as increasing GDP, low interest rates, and increasing employment (low unemployment). The second phase is peak, which is when growth reaches its maximum point and then becomes the turning point where GDP starts decreasing, and the cycle enters the next phase which is contraction. Contraction phase occurs when businesses slow down and then start laying off workers, which causes laid-off workers to spend less money, and so consumer demands also fall. The economy is going downward steadily as it enters the recession phase, when there is a decline in GDP and employment and a rise in interest rates and unemployment; then it hits rock bottom which is called a trough, and from this point onward, the economy rises again and enter expansion phase (recovery). I find it interesting to interpret each phase of a business cycle while looking at the timeline of the U.S. economy. Understanding business cycles and characteristics of each phase helps businesses to forecast the economy in future so that they can plan and prepare for whatever's coming up, either to utilize their businesses and take advantage of an expansion, or protect their business and overcome a recession.