Topics: Costs, Economics, Supply and demand Pages: 7 (2256 words) Published: February 2, 2013
What is Economics" Please respond to the following:
* Identify three decisions that you have made in the past (e.g., purchase decision, political decision, etc.) and their associated trade-offs. Provide support for your response. I was surprise to learn that I unconsciously implement economics in my life. First, studying vs. leisure, as a student I make a trade-off of shopping time for study time in deciding how many hours to study and how many to spend shopping when faced with the choice of spending Saturdays studying or shopping. Second, time vs. money, I save money and time expended from Christmas buying and shopping. Instead, I spent quality time with my family; we volunteered on Christmas Eve to help the Sandy victims and the following month we spent the day in the NYC, My total cost was $275. Third, investment vs. non-investment, I stop renting and purchased my first home in 2011. My opportunity cost was a long term investment and current tax benefit. By renting I only gain a place to live without a benefit. * Create a positive question and its associated normative question. Predict the possible consequences of the positive question and then make a decision on the normative question. Provide support for your response. Positive| Normative| Prediction| Decision|

Will job creation reduce the unemployment rate, which is currently at 9 percent? | Should the government take action in order to reduce the unemployment rate?| High unemployment will cause inflation or a recession.| Washington should encourage private-sector & entrepreneurship—the best job creators.|

Principles of Economics" Please respond to the following:
* The chapter describes five different economic principles and provides an example of each principle. Imagine that you are one of the authors of the textbook. * Select one principle and create an additional example that will help students understand that principle better. Principle #1: Opportunity Cost - The cost of something is what you give up to get it. Example: College education. The benefits are the job opportunities and personal satisfaction, but there are costs besides “out of pocket” costs like tuition and books. And the 4 years' lost earnings. (Lebron James made a good choice.) * Based on the five economic principles discussed, give your opinion on the one which is the most important and useful concept in your life. Provide support for your response. The principle of opportunity cost, to me, is the most significant; because it encompasses more than financial decisions. For example, the opportunity cost for me taking a certain course in college is another class I could have potentially taken.

* Suggest the type of changes in demand and supply that are occurring in a service or industry due to the present economy. * Provide support for your response.
* From the e-Activity, assess demand and supply for that product or service before and after the event took place. Suggest the effect it had on equilibrium prices and quantities. Provide support for your response

At the state of our current economic position—high employment and decreasing buying power, the Apple iPhone 5 demands was so high that stores ran out of them; but that didn’t stop shoppers’ from trying buy them at its debut in 2012. People paid full price starting from 400 to 600 outside of discounted phone plans. They paid it because they wanted it and there was a limited supply. (There is still a limited supply by carriers; about two weeks ago I thought of upgrading my phone to an iPhone, at a discounted price, and the Rep told me that they had no phones in the store to purchase).

The demand and supply for the new subscription service after the announcement was high. Why? Because it already a demand. Digital reading is popular especially in the corporate world and is capable on my smartphones. Additionally, people are already familiar with iOS system from other...
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