Read/review the following resources for this activity:
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-300words
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 200words
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?
Grading and Assessment
Meeting the minimum number of postings does not guarantee an A; you must present an in-depth discussion of high quality, integrate sources to support your assertions, and refer to peers’ comments in your secondary posts to build on concepts. Refer to the Discussion Forum Grading Rubric (in Course Documents).
Course Learning Outcome(s): 1
1. Apply the Ten Principles of Economics (basic economic axioms) to real-world situations
Answer previewApple is one of the best firms in the nation. The employees in the firm experience a few perks from being in the firm. According to Cain (2017), the employees receive a 25% discounts annually when purchasing any products of the firm. After a three-year period, employees receive $250 off the iPad or $500 off the Mac. Also, any software for the employees is always 50% paid for by the firm. The employees who are mothers receive four weeks of paid leave before delivery another 14 weeks after giving birth…(700 words)