In an essay between 800 and 1,000 words, please take a basic concept covered so

In an essay between 800 and 1,000 words, please take a basic concept covered so far in class and relate it to your own life or work background. Many students have already been in the workforce in some capacity. The companies employing students most certainly face economic conditions influencing their decisions. Students who haven’t entered the workforce often choose areas of study based upon economic trends, whether they realize it or not. We all have encountered situations as consumers where economic theory could help explain the observed market behaviors. So take something specific you have experienced somewhere in life, and try to describe the situation with economic terms and concepts. As you progress further in your careers, it will become more apparent there is value in having a basic understanding of economics. Take this opportunity to begin practicing your skills in analyzing situations and relating them in terms appropriate for a working environment.
Possible basic concepts: Opportunity costs, Sunk costs, Allocative efficiency, Budget restraint, Opportunity set, or any low-level economic concepts; just be certain to include opportunity costs.