Given the unlimited wants to maximize my education, am constantly faced with the challenge of choosing between different alternatives. I have to make a choice and that will have an implication on my education and career. Given that I have narrowed down my search to three most useful and important courses, I trade-off must exist in choosing one among the three courses. This paper explains how I face trade-off in selecting one among the three electives choices in selecting my course. I will use two economic decision making principles to explain my choice.
I need to employ robust strategies to choose a course that will help me maximize my satisfaction (Mungiu-Pupazan 149). First, the elective I have chosen have few topics to cover before the end of the semester. This will mean that I will carry out less research within the minimal time. The potential trade-off is that I my knowledge will be narrowed since I have chosen a course with few topics. In this regard, I will miss several useful concepts presented by other course with wide coverage. Furthermore, the course that I have chosen is easy to understand due to simple concepts portrayed in the lecture notes. However, my understanding of advanced business concepts will be limited by choosing this course. With simplified topics, it will be a challenge to pass the quality control mechanisms set by my learning institution due to high quality expectation.
The elective I have chosen have more learning materials in our library and online. This will reduce the time that I need to carry out my research and produce quality assignments. With readily available learning materials in the library, I will save lots of resources to hire and buy the learning materials. However, the potential trade-off is that I will have to read widely to get the relevant material for my coursework.
As a rational thinker, I need to think at the margin to maximize my educational needs (Mankiw 121). The course that I have selected is highly related to the previous courses I have done in the past. Therefore, I will easily understand its concepts and add more knowledge from the previous courses I have taken in the past. Furthermore, I will score high marks since I have already familiarized myself with related concepts in the previous courses. However, the potential trade-off is that my learning will be limited to the previous concepts that I have learned in the past.
My decision to choose this elective is also lured by the desire to get incentives (Nelson 29). I know that there is lots of research funding from different organizations that have benefited students who have settled for this course. Therefore, there are high chances that I will get research funding if I choose this course. However, I will bore the burden of carrying out extensive and convincing research to please my financiers.
In conclusion, I face trade-off in selecting one of the three electives that are very popular and useful in my academic life and professional career. I have decided on the course I want to take based on sound judgment by explaining the reasons of my choice. I have utilized two economic principles that rational people think at the margin and that people respond to incentives to explain my choice.
Work Cited
Mankiw, Gregory. Principles of Economics. South-Western College Pub; 5 edition. 2008. Print
Mungiu-Pupazan, Claudia. The Demand for Economic Goods. Annals of the University of Petrosani Economics, 9 (2009), 145-152.
Nelson, Ronald. Demand, supply, and their interaction on markets, as seen from the perspective of evolutionary economic theory. Journal of Evolutionary Economics, 23(2013), 17-38.
