Describe the "economic perspective" (or "economic way of thinking"), including definitions of scarcity, opportunity cost, purposeful behavior, utility, marginal analysis (benefits and costs), and how these concepts may be used in decision making.

Answer: Economic perspective is when an issue is considered been affected by the economy or the economy affecting the issue when making a decision. This decisions making are described as follows;

Scarcity; Available resources can only be used for only one purpose at a time, that means choice has to be made. Because I choice must be made, decision making has to be considered. Scarcity and choice goes together.

Opportunity cost; The cost of any activity, goods or services is the absolute value of what must be given up to obtain it. That means a decision for the value to be given up as cost, to get a goods, services or activity should be weighed.

Utility; this is the satisfaction derived from the consumption of a goods or services. Before a satisfaction can be achieved, a value must be given up to achieve such satisfaction, a decision of the value to be given up compared to the satisfaction should be weighed

Marginal analysis; any option considered in decision making weigh the marginal benefit against the marginal cost, where marginal means extra, additional, or a change in. Therefore the marginal cost of an action should not exceed it's marginal benefits. Whether the decision is personal or one made by business organization or government, the principle is always the same.

Purposeful behaviour; people always weigh costs and benefits in a way to maximize satisfaction with their decision. They should be a rational self-interest, which will lead to achieving maximum utility in decision making.