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Discussion Board #1

Discussion Board #1

 

Objective: The objective of this DB is to have you understand basic economic principals and apply critical thinking to those principals. 

Assignment:

  • Read the chapters 1-4. 
  • Answer the following questions with complete thought and precision. 
  • Response must be complete sentences, free of error. 

Questions (20 points each):

  1. What is economics and in your opinion, why is it important?
  2. Suppose you have a team of two workers: one is a baker and one is a chef. Explain why the kitchen can produce more meals in a given period of time if each worker specializes in what they do best than if each worker tries to do everything from appetizer to dessert.
  3. Suppose Alphonso’s town raises the price of bus tickets from $0.50 to $1 and the price of burgers rises from $2 to $4. Why is the opportunity cost of bus tickets unchanged? Suppose Alphonso’s weekly spending money increases from $10 to $20. How is his budget constraint affected from all three changes? Explain.
  4. Pages 66-67 has a Clear It Up exercise/example that shows the difference between shifts of the demand or supply versus movements along a demand or supply curve. Read this example and all references regarding it in your textbook. You should be comfortable and know the difference – this will be an essay question on your exam. 
  5. List 5 key points, lesson, and/or take-way points you learned from chapter 4. Create a question from this chapter as if you were writing an exam question. I want to see the question and the answer. 

Link for textbook is as follow

https://openstax.org/books/principles-microeconomics-2e/pages/1-introduction