Reference no: EM132043581

Question: Topics: Ten principles of Economics: Costs, Tradeoffs, Marginal Thinking, and Incentives.

Supply and Demand, Equilibrium, How Supply and Demand Determine the Price and Number of Transactions in the Market, and How Changes Affect the Equilibrium.

Introduction: In this discussion, you will apply what you have learned in Chapter 1 to real-world situations in order to see how the concepts can be applied to a very broad range of situations.

Keep in mind that throughout this course, discussions are intended to bring real-world situations to the course material that we are covering each week. Part of your grade will depend on the connections you make between the article or scenario in each discussion, the material from the chapters we covered in the week, and, when applicable, your own experience.

Initial Post Instructions

For your first post, find an article from a newspaper or magazine that exemplifies some aspects of the Ten Principles of Economics. Note that for this discussion, you do not need to find something that "relates" directly to Economics-almost any article can be used for this; your article does not have to apply directly to business, economics or finance. In future discussions (including the second one this week) I will ask for a business/economics related article.

In your post, please briefly summarize the article and describe in depth how your article exemplifies the principle(s) you are addressing. For example, make sure to explain what the costs/tradeoffs are, who is making the decision(s), what incentives there are, and how those incentives lead someone to a particular decision, or how the decision may change if the incentives change. You do not need to discuss all of the first seven principles of Economics, but you should address-in depth-at least a couple of them. Also remember that there are likely several decision-makers, or likely group decision-makers, in each situation.

Don't forget to cite your article!

Secondary Post Instructions

For the article and post to which you are replying, extend the conversation using the first four of the Ten Principles of Economics. What other incentives could be changed? Do you think that changing the incentives that were noted in your classmate's discussion actually change the decision? Why might they change the decision for some people but not others? Are there other situations of which the discussion reminds you, and how would you apply the Ten Principles and what your classmate wrote to that related situation? Are there other decision-makers that could be analyzed?

Discussions: For the discussions, there are a few things to keep in mind. In the original posts, make sure to have the correct number of references and the correct length. Most students do well in the original posts from the first week. The replies sometimes are a little more tricky. Please make sure to have the correct amount of *content* in your replies; simply asking questions, restating what someone else said (or what you said in your original post), saying you agreed with what they said, and so on, do not provide relevant extensions of the content. If you have questions, often there is something you're thinking about so you could/should explain why you're asking or what you're thinking the answer is. Extend the conversation in some way; perhaps that could be explaining a counter viewpoint, or explaining another example that comes to mind when reading your classmate's post, or more analysis that your classmate did not originally provide.

In the discussions, as mentioned, make sure to keep the content up. That doesn't mean just meeting the word requirement, but actually advancing the conversation. That is, praising others, asking questions, or just saying "I liked it when you said" or agreeing in some other form isn't really adding much to the conversation. One hint is if you're asking questions, postulate an answer to the question, or explain why you're asking--what would the difference be in the situation given different answers to your question.

Writing Requirements: • In addition to one initial post, respond to at least two peers.

• Initial Post Length: minimum of 250 words

• Secondary Post ( which is the responses) Length: minimum of 200 words per post

• Use APA format for in-text citations and list of references.