Economic Thinking and Economic Systems 1. Opportunity Cost: Tasty Ice Cream or Pain? Which is better, to get up early in the morning and go for a walk in humid and muggy weather or to stay inside a cool home and enjoy a delicious bowl of ice cream topped with your favorite goodies while watching a comedy show? Which choice would you make and why? Provide an explanation of your thinking process, including the costs and benefits of each choice. 2. Life Choices and Lessons Share an example from your life where you had to make a choice knowing that you are giving up opportunities for doing or gaining something else. Tell us about your thinking process and how you arrived at your final choice. Would you make the same choice again? Why or why not?

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