Concepts: Opportunity Cost, Scarcity, Production Efficiency, Allocative Efficiency, Human Capital, Specialization

Concepts:

  • Opportunity Cost, Scarcity, Production Efficiency, Allocative Efficiency, Human Capital, Specialization, Comparative Advantage, Income, Tastes, Prices, Household Budget, Information, Transaction Costs, Utility, Consumer Satisfaction, Profits, Markets, Competition, Market Structure, Labor Costs, Innovation, Entrepreneurial ability, Productivity, Government Regulations, Business Incentives, Economies of Scale, Product Differentiation, Brand Name, Advertising, Market Power.

General Instructions:

Choose one concept from the list above, and write a paper a 500 to 550 word paper (500 words, is the absolute minimum) in which you state a response to the following prompt;

“Before completing all 5 Graded Discussions I thought about (one of the concepts from the list) in this way …, now I think … “.  

You are free to organize and arrange your sentences and paragraphs in any you see fit, but your response MUST at least have the following 5 elements:

  • It must state and define the concept or idea.
  • It must explain how you viewed or understood the concept before completing the discussions.
  • It must explain your new way of viewing, or understanding the concept.
  • It must say the reason why your perspective, or understanding changed. In other words, what did you do, see, or hear as a result of completing the discussions that helped transform your opinion.
  • It must have information, data or facts, that supports the reason for your change. The information, data or facts can be presented in the form of an example, or as part of an explanation.

As you produce your response, you should also consider the following:

  • The implications of the change in perspective. In other words, now that you see this in this way, what are some of the things that will come after? What will you do differently? What follows? Also, analogies and metaphors are a great way to illustrate how one views a concept or an idea.

About Your Submission:

If appropriate, cite references using in-text APA citation style. In-text citations are placed within sentences and paragraphs  Stick to the 550 word maximum.

Your response will be evaluated in accordance to the following Intellectual Standards; Clarity, Accuracy, Precision, Relevance and Logic. For more information review the assignment rubric.

Additional Information & Tips from the Instructor:

It is important that you recognize, that in this assignment, you are required to think critically, hence the critical thinking tools shared in this course can be very helpful.  Try to the identify the Elements of Thought that are part of the logic or reason, for your change in perspective in regards to this concept. If you reviewed our critical thinking tools, you know, that the are 8 Elements of Thought; Purpose, Question at Issue, Information, Concepts, Point of View, Assumptions, Conclusions, and Implications. I am going to lead by example, and state a few of these, as they relate to this assignment.

  • Question at Issue: Can you identify and explain a change in perspective, opinion, or Point of View, you have had regarding one of the concepts in list above, as a direct result of participating in the Graded Discussions?  
  • Purpose: In this assignment, your objective is to identify and explain a change in perspective, opinion, or Point of View, you have had regarding one of the concepts in list above, as a direct result of participating in the Graded Discussions.
  • Point of View: You are trying to answer the Question at Issue, from the perspective of person who participated in the Graded Discussions, which means, that you were asked to;
    • Read and consume visual content about economics
    • Answer questions about concepts and issues about economics
    • Engage in discussions about the content with your classmates and of course with me the instructor.
  • In other words, you experienced this class, from the perspective of a student, which may imply that you are not an expert in these topics, and concepts, and that are engaging in activities to learn more about them.

Note, that in order to answer the Question at Issue, and accomplish the Purpose of this assignment, you need to produce or compose:

  • Conclusions – When you change your perspective or opinion about something, you have reached a conclusion. When you think back at an entire experience that involved, reading, writing, viewing, listening, and answering questions about a multitude of concepts in the world of economics, and you pick one that you have change your mind on, you have reached a conclusion.
  • Information – What evidence (what did you do, see or hear), or facts did you use to reach the conclusion that there is another way of looking at or understanding the concept in question? What allowed you to see this concept in another way? That the concept in question, is this other thing, that you did not think about before. That the concept in question can be used for this other thing, that you did not know it could be useful for.  
  • Assumptions – which things did you take for granted, or a as given, before participating in the Graded Discussions regarding the concept in question? What are your assumptions now?
  • Implications – Now that you see this concept in a different way, what are some of the things that follow? What will you do different? How will this new perspective change your approach to things? What happens next?

Remember, that your response will be evaluated in accordance to the following Intellectual Standards; Clarity, Accuracy, Precision, Relevance and Logic. In other words, your grade will depend on how clear, accurate, precise, relevant and logical your response is. As you write and draft your response, use the questions below to solicit or achieve each standard.

  1. CLARITY: Could you elaborate further on that point? Could you express that point in another way?  Could you give me an example?
  2. ACCURACY: Is that really true? How could we check that? How could we find out if that is true?  
  3. PRECISION: Could you give more details? Could you be more specific?
  4. RELEVANCE: How is that connected to the question? How does that bear on the issue?
  5. LOGIC: Does this really make sense? Does that follow from what you said? How does that follow?

find the cost of your paper