Assignment:
1. Provide your position on what theorist is most relatable to your ideology and values. Respond to two other students' comments seeking further explanation of their position and consequences of their thoughts.
• Dr. Thomas Sowell - Imperfections of the Market
• POLITICAL THEORY - John Maynard Keynes
• POLITICAL THEORY - Friedrich Hayek
2. Every decision has an Opportunity Cost due to the nature of scarcity, there is always a better alternative not chosen, therefore, there is always an opportunity cost. "The opportunity cost of an alternative is what you give up to pursue it" (Froeb, McCann,Shor& Ward, 2016). When you go to a Maroon 5 concert, you give up $100 of benefits you would have received if you had gone to a Beyoncé concert. Also, you would also avoid $80 of cost for the Beyoncé concert. According to the definition below, the opportunity cost of seeing Maroon 5 concert is $100 - $80 = $20. Please delve into the statement there are always opportunity costs. How can an individual make the best decision? Is there a best decision? Would one miss an opportunity not attending one of the concerts? Include a minimum of one reference.
3. Millennials are renting offices sharing costs to reduce their overhead expenditures and overall efficiency. What are the disadvantages and advantages of economies of scales? Give examples of your local establishments that use shared locations to decrease costs, i.e., Taco Bell and KFC. Include a minimum of one reference.
4. Article: Understanding the Impact of Transportation on Economic Development How can the growth of intermodal transportation affect the product's supply and demand? Discuss the major points of the article. How do transportation costs affect others? Please be specific. Discuss increases and decreases in supply and demand. Include a minimum of one reference
5. Behavior economics is a relatively new concept that was developed by Daniel Kahneman and Amos Tversky and is known as the prospect theory. The prospect theory posits that consumers are inspired by the comparison of prices to the reference price rather than the actual price. Please discuss why managing price expectations is as important as managing price. Please give three examples of local restaurants using prospect theory. Include a minimum of one reference.
6. This link explicitly discusses the theme behind the game theory. Please discuss the principles associated with this theory, as well as, how the classical game theory can be contained. Does the game theory in your opinion support the corporate's strategy? When should the prisoner dilemma be used? Include a minimum of one reference.
7. Will there be a global economic crisis in a world of significant uncertainty? Please review the article from Goldman Sachs, Landing the Plane. Where are we headed the next few years of uncertainty and risks? What are the five greatest current global economic challenges? How will they affect the US economy? Include a minimum of one reference.