AB/204 AB204 AB 204 UNIT 1 DISCUSSION 1

AB 204 UNIT 1 DISCUSSION 1 

Unit 1: Principles of Economics - Discussion

Topic 1

Economic deals with economic choices (decisions) individuals, firms and nations make. The adage, "There is no such thing as a free lunch," is used to illustrate the principle that people face tradeoffs to make economic decisions.

1. Why do economic agents need to make choices in the decision making process? What are the factors that force us to make choices among the viable alternatives at our disposal during a given period of time?
2. Why do economic agents face tradeoff in our economic choices (economic decision making) process? How do we make a rational choice among the viable alternatives we have as individuals or business owners?

General Information:

To be an effective learning tool the Discussion Board topics require your active discussion of the topic with at least two of your classmates.

• First post made during, or before, Saturday.
• Posts on at least 3 different days.
• Responses to at least two other classmates.
• Substantive posts that stimulate further active discussion, posts that accurately reflects the learning, that are logical, and clearly presented with correct spelling, word usage, and grammar.
• To be counted as a substantial post, your main post to the Discussion topics should be at least 200 words per Discussion topic.

Economic Principles

The Discussion topics deal with the 10 Principles of Economics, and the specific discussion areas include the economic principles that guide how people make economic decisions (choices), how people interact in markets, and how the economy as a whole works.

Read Chapter 1 to identify particular economic principles that guide the various economic decision making processes. Respond to two of the following Discussion topics. Remember to include your references or links to the websites that are important contributors to your comments.