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We started this course by defining economics as the study of how humans make decisions in the face of scarcity. The purpose of the assignment is to apply this concept to identify the connection between those decisions in various areas and levels (individual, firm level, government) in our everyday lives. For samples of similar essay topics, see http://www.economicsnetwork.ac.uk/showcase/geerling_naturalist. By the end of the assignment, you should be able to:

  • Think like an Economist
  • Explain the intuitive logic of Economics
  • Apply economic reasoning to comprehend and solve problems in everyday life
  • Better understand the complexities of human behavior

Rubric

  1. (1 point) Identify a question/decision/behavior around you that you find interesting.
  2. (1 point) Explain the background of the situation, what behavior can you observe?
  3. (5 points) Apply economic principles to explain and analyze your observation to answer the question and/or explain behavior (luxury good, normal good, inferior good, marginal cost, marginal benefit, comparative advantage, opportunity cost, etc.).
  4. (1 point) Type up your assignment using Calibri font size 11 (or Times New Roman size 12), double-spaced, and standard margin in no more than two pages.
  5. (2 points) Proofread to ensure that the assignment is free of typos and grammatical errors

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