XECO 212 Week 1 Individual Assignment A New House – Readiness

XECO 212 Week 1 Individual Assignment A New House – Readiness  | University Of Phoenix 

XECO 212 Week 1 Individual Assignment  A New House – Readiness
 
Deciding to buy a house is a lifelong goal for many people. Imagine that you are renting a studio apartment and have just discovered you are having a baby. Your present apartment is small and far from schools and local services. You have decided to move. There are many factors that come into play when making such a large and weighty purchase. Examine the decision-making process from the perspective of an economist. In your Final Project, you use these principles and other factors to make a final decision whether to buy a house. 
Consider the 10 Principles of Economics as outlined in Ch. 1 of the text. 
Assume for this CheckPoint that purchasing a new home is a major decision requiring a substantial financial outlay where the wrong decision could have long-term financial consequences. 
Submit a 250- to 300-word response addressing the following points: 
Choose two of the 10 Principles from Chapter 1 that you think play a major role in your decision.
Discuss those Principles' roles in your decision making. Provide specific examples and application.
Explain how that influences the marginal benefits and marginal costs (i.e. cost/benefit analysis) associated with the decision to purchase a house. 
Tip: The most relevant Principles to this CheckPoint are Principle One (Trade-offs), Principle 2 (Opportunity Cost), Principle 3 (Marginal Thinking) and Principle 4 (Incentives). The topics contained in Principles 5-10 will covered in detail later in the class.