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individual payoffs

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One of the lessons of economics is that "there is no such thing as a free lunch."
That means that businesses, consumers and whole societies face tradeoffs whenever they make a decision.

* Explain a decision that you have made at work or concerning your career.
* Identify and explain the tradeoffs you faced.
* List the alternatives, identify the highest valued alternative, and explain the particular course of action you chose.

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There is no such a thing as a free lunch. Every decision one makes implies other decisions, with their individual payoffs, were not made by the individual. For example, I decided to go to university. I did this even though I could probably have gotten a job as a waitress and earned maybe $40,000 a year with tips. There were, of course, other alternatives, I could have gotten a job at my mother's business. I could have worked in a factory. I could have even started my own business importing things from another country. The problem was that I have always thought I had to go to ...

Solution Summary

An example is given of individual payoffs.