Assignment:
Question 1:
At time we all regret decision. At the time you made the decision, did you use the economic decision rule? If you answer NO, then explain why state the economic decision rule in your choice(s) and define opportunity cost. What is the importance of opportunity cost to economic reasoning? What is sunk cost give an example in your own life of a regret (not a mistake). What does sunk cost have to do with your regret?
Write a half-page to a full page.
Question 2:
What are the six roles of government? List them in sequential order and define 3 and 5 and give example for both draw the circular flow diagram which illustrates verbatim the market economy and summarize.
Question 3:
What happen to the price and quantity of homes when the demand for housing decrease and the supply for housing increase?