[Get Solution] Choice in a World of Scarcity
Choice in a World of Scarcity Discussion This week’s discussion will get us thinking about how we define economics and how economic theories can be applied to daily life. I am looking forward to reading your thoughts! Assignment Objective Option 1: Formulate an opinion about the definition of economics. Option 2: Critique purchasing behavior by using economic terminology. Directions Pick ONE of the two options… Option 1: Is economics a science? Why, or why not? As part of your response and explanation, include the definitions of science and economics as you understand them. OR Option 2: Brainstorm common items that you think consumers pay too much for or that you think are overpriced (i.e. movie theater popcorn, brand name items, souvenirs,, etc.). Now think of something more specific, either something that you or someone who know has purchased. For example, I have purchased a bottle of water at Disneyland for $5, when I could of brought a reusable water bottle from home for free. Write about your example, then use the principles youve learned about (like scarcity, opportunity cost, rationality, and marginal analysis) to explain why a person would make the decision to purchase that good. Keep in mind… You should complete the reading (link to module reading) before answering this discussion prompt. Your answer should be at least 200 words and is due no later than 11:59pm on Monday. You will not be able to see your classmates’ posts until after you have posted. You will need to respond to two classmates. You do not have agree with your classmates. Civil and respectful debate is encouraged 🙂 Reply posts should be approximately 70-100 words and are due no later than 11:59pm on Wednesday. Although discussions serve as informal conversation, proper written English and grammar are always important. Don’t forget to proofread before posting. Before you post, check the rubric so you know exactly how your score will be determined.
