Your textbook summarize the key terms under the title, "What You Should Know" in Chapters 1 and 2 at the end of each chapter. You must reference these key terms in order to complete this discussion.

Key terms

• scarcity,
• production
• land,
• labor
• specialization,
• comparative advantage,
• absolute advantage,
• division of labor,
• incentives,
• economics,
• resources,
• wants,
• microeconomics,
• macroeconomics,
• aggregates,
• artificial intelligence (AI) technologies,

Now, select at least two of these key terms and apply those to an economic decision that you made recently (at least in the last few years). It could be a project you are worked on as a student, a purchasing decision as a consumer, an inventory decision as a manager or an employment decision as an employee or employer. The world is open. Just make sure to provide economic analysis by accurately stating and applying the concepts from your text.

The specific questions you need to answer are:

• What was the decision? In other words, what were your options?
• What considerations went into your decision-making?
• Which concepts of Chapters 1 or 2 apply to this decision?
• Why do those key terms fit your decision best?
• In retrospect, would an economist make the same decision you did? Why or why not?