1 MOA = 1" at 100 yards.
An 8 MOA dot covers 8" at 100 yards, 4" @ 50 yards, 2" at 25 yards and so forth. The 3 MOA is likewise calculated as 3", 1.5", .75" and so forth.
What you have to decide is how much of your target do you want to "cover" and what is acceptable accuracy. For an 8 MOA at 100 yards you'll hit somewhere inside an 8" circle at 100 yards assuming no other factors affect your aim.
At a "typical" combat distance of 7 yards, an 8 MOA dot will cover just slightly more than a 1/2" area. That doesn't seem like much to me, but a 3 MOA at 7 yards will cover a lot smaller area ... about 1/5". But then, all I want to see is a dot on a vital area and the distance between vital and non vital can be quite small. You didn't mention expected distance you'd think you'd have to shoot; I'd go with the smaller MOA since I favor precision. As I learned in competition many years ago, "You can't shoot fast enough to make up for a miss".