2024 – Alfred Marshall s definition of economics is that economics is the study of man in the ordinary business

Assignment – 2024

Alfred Marshall’s definition of economics is that “economics is the study of man in the ordinary business of life.” Choice is a necessary part of life; every action has its costs and benefits. Identifying and quantifying these trade-offs is at the heart of economic analysis.


Think about an economic choice that you made recently. When you made the choice, what alternatives did you give up? What other choices did you have? What criteria did you use to judge the alternatives? Looking back now, how rational was your decision?

What else could you be doing in place of taking EC142? What are your forgone alternatives? Why might it be more expensive for older students to take classes than younger ones or for Kobe Bryant to take classes than you and I?

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