AB 204 Week 1 Discussion

AB 204 Week 1 Discussion | Assignment Help | Kaplan University 

Unit 1 Discussion Topic 1

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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 whole works.

Read Chapter 1 to identify particular economic principles that guide the various economic decision-making processes. Remember to include your references or links to the websites that are important contributors to your comments.

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.

a.    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?

b.    Why do economic agents face a 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?