Lesson: How Individuals Make Choices Based on Their Budget Constraint

What did you learn?

Use this checklist to reflect on your understanding of key lesson concepts.

I am able to… Definitely With help Not at all
calculate and graph budget constraints
explain opportunity sets and opportunity costs
evaluate the law of diminishing marginal utility
explain how marginal analysis and utility influence choices

If you selected “with help” or “not at all,” to any of these concepts, go back to the lesson to review the relevant sections.