Assignment
1) Why do we make choices? Is being rich or poor a choice? Is living healthy or unhealthy a choice? What about having kids? Is that a calculated choice or simply an accident? Why do rural areas have typically calmer and nicer people than cities where you find a mix of professionals and difficult people? Why do you bother wrapping your friend's gift knowing that the wrapping paper is going to be thrown away? Does going to school make sense? How do you know?These are among countless questions that could be answered through understanding the economics way of thinking. Economists do nothing but watch how the world, including people, work and make calculated assumptions to help the world become a better place.
For your initial post, answer one of the following questions.
Q1) Share with us 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 the final choice you made. Would you make the same choice again?
Q2) Moreover, why do consumers make choices when they acquire something (jobs, money, friends, vacations, sleep, living places, etc.)? And why do individual producers or nations have to choose the type, quality, and quantity of what they produce?
2) Create a 1-2 minute slide presentation with voice naration and explain ONE economic concepts listed below:
Start the presentation by giving a brief explaination of atleast one of the concepts listed below, including an example to support your presentation:
- Oppurtuinty Cost
- Trade off
- Scarcity
- Economic Problem
- Self-interested versus selfish
- Production possibilites frontier
- Budget line
- Utility
- Economic Growth
- The market system and the command system
- Specialization
- The circular flow
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also include a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also Include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.