Opportunity Costs
What do economists mean by “opportunity cost?” What are your opportunity costs in taking this course?
Demand v. Quantity Demanded
What is the difference between a decline in the quantity demanded and a decline in demand? Give an example of something that you now buy less of. Is it an example of a decline in the quantity you demand or a decline in your demand?
Behavioral Economics
Traditional economic theory makes a number of simplifying assumptions that may not always be true, e.g., that people always make rational decisions that are in their own best interest. In recent years, a new subdiscipline of economics has emerged called behavioral economics that attempts to employ a more realistic set of assumptions about how people behave to explain economic decision-making.
Based on the information in this link (https://www.dummies.com/article/business-careers-money/business/economics/behavioral-economics-vs-conventional-economics-184053), present two examples from your own experience that illustrate the principles of behavioral economics.
Last Completed Projects
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