Assignment
Details:
Use your own experiences and the knowledge you have gained from this readings to answer the following topics and questions. You may also use information that you find in the textbook, AIU's library or the Internet to support your discussion. Make sure you use economic concepts in your main contribution.
Think of items that you have purchased in a market:
• Big ticket items like a house, or an apartment rental, or a car;
• Or ordinary items in your weekly budget, like coffee, tea, gasoline, bread, Milk, etc.
You can consider some of the following questions in your contribution.
1. What price trends have you noticed over the last few years? Do the prices fluctuate? Have prices increased or decreased?
2. How would you use what you have learned concerning Supply and Demand to explain these trends?
3. Have there ever been any shortages or surpluses? How would you explain that?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.
Reading Assignment
Read the following chapters from the Macroeconomics textbook:
• Chapter 1
o Scarcity, p. 4
o Microeconomics vs. Macroeconomics, p. 4
o Positive vs. Normative Economics, p. 6
o Tradeoffs, Opportunity Costs, and Efficiency, pp. 19-21.