Principles of Economics
The principles of economics are what consumers use on a regular basis when dealing with trade, cost, products and services. This relates to my purchase decision when I bought my house because every principle neeed to be considered. Here is how for example considering people face trade offs. This principle is based on giving up something else to get one thing. In this particular case, I sold one of my vehicles to help me make the down payment on my home. This to me was a sacrifice.
Another principle that applied to me was the cost of something is what you give up to get it. I felt that buy selling my vehicle was a daring sacrifice, but I really wanted a home so, I sold my vehicle so my family and I could have more space and better living conditions. Then last but not least is the principle of people responding...
... middle of paper ...
... to purchase any item, and if done at the correct time, can produce excellent results. One thing I have learned in taking this ecomomics course is that the economy is the brain of the world. This is how investors get rich, businesses profit, and cosumers can purchase the products and services they deserve. A great ecomonmy allows more opportunities to make better purchasing decisions.
Investopedia. (2011). Marginal Benefit and Marginal Cost. Retrieved from http://www.investopedia.com/study-guide/cfa-exam/level-1/microeconomics/cfa5.asp
Marginal Costs & Benefits. Goldline International, 29 Mar. 2008. Web. 6 Mar. 2011.
Shah, A. (2011, January 2). In Trade, Economy, & Related Issues. Retrieved March 6, 2011, from http://www.globalissues.org/issue/1/trade-economy-related-issues
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- “The principles of economics before everything” In 1865 Fyodor Dostoevsky wrote and published “The Crocodile” under the name A.Y. Poretsky, This ironic story of a gentleman, Ivan Matveich, who visits an arcade with his wife Elena Ivanovna and a family friend Semyon Semyonitch, is swallowed alive by a crocodile after teasing it. Once the gentleman is swallowed whole, his wife desperately pleas for the animal to be flayed are quickly denied by the German proprietor and his mumbling wife. The German couple is distraught over the assumed impending death of the crocodile, their fear is that it will burst from the immense amount it has jus consumed and for the possibility of lost profits.... [tags: Literary Review ]
866 words (2.5 pages)
- Book review Folmer H, Gabel HL: Principles of environmental and resource economics: A guide for students and decision-makers CAIS MAIN (Level 1) HC79 E5 P957 This book consists of 22 contributed chapters that provide an excellent introduction to important topics in the ﬁeld of environmental and resource economics. The contributors consist of many leading scholars in the ﬁeld. The book is explicitly targeted as a teaching tool for upper-level undergraduates as well as a reference for practitioners and researchers.... [tags: text, policy, market]
950 words (2.7 pages)
- In The Return of Depression Economics and the Crisis of 2008, Paul Krugman warns us that America’s gloomy future might parallel those of other countries. Like diseases that are making a stronger, more resistant comeback, the causes of the Great Depression are looming ahead and much more probable now after the great housing bubble in 2002. In his new and revised book, he emphasizes even more on the busts of Japan and the crises in Latin America (i.e: Argentina), and explains how and why several specific events--recessions, inflationary spiraling, currency devaluations--happened in many countries.... [tags: Economics]
1076 words (3.1 pages)
- Social studies is a huge part of the elementary curriculum. Without social studies, elementary students would have a huge gap in their knowledge content. Economics is responsible for providing a large amount of information to students. For third graders, the North Carolina Department of Public Instruction places economics under goal five. Goal five divides communities and the basic economic principles into seven objectives. The first objective for third grade economics asks for students to understand the definition of scarcity and be able to provide examples.... [tags: Economics]
1460 words (4.2 pages)
- Behavioural economics is the study of the effects that psychology has on the decision making of the economy. This tends to be the way that people think and feel when they are spending money on a certain good or service. The great economist Adam Smith was the first follower of this idea through his book “The theory of moral sentiments” which dates back to 1759. However, it took over 100 years to get a more clarified meaning of how big of a role the psychology of a buyer plays in economics. In behavioural economics there are seven basic principles which all contribute to the decision making process.... [tags: Psychology, Economics]
2380 words (6.8 pages)
- ... One is tempted to think of Ragusa as an early sign of a modern economy with strong fundamentals and an outward orientation. The literature on Ragusa is merely the work of historians, and solely contains statistics, mainly the interpretations are based on contemporary writers and evidence in archival works. Economic Development Ragusa was founded by Greek-Italian denizens in the 7th century who were fleeing from the Avar invasion of Epidaurus. By the 11th century Ragusa surfaced as a maritime and a commercial city, as Idrisi writes, “Ragusa was a large maritime town whose population consisted of hardworking craftsmen and possessed large fleet that traveled to different parts” (Carter, 197... [tags: economics, maritime, trade]
1068 words (3.1 pages)
- Islam is a religion that was founded in the year 622 AD by the prophet Mohammed. Mohammed founded the religion in the city of Mecca, in what is now present day Saudi Arabia. The God of Islam is referred to as Allah, which means the one true god. The holy book of Islam is the Qu'ran, which is considered to be the words of Allah as revealed to Mohammed. Islam is an Arabic word that means to submit. A Muslim is a person who submits to Allah and follows the teachings of Islam (World Religions, 2003).... [tags: Economics]
1927 words (5.5 pages)
- Consumption Patterns and Economics Introduction In order to get a better understanding of trends in consumption patterns, one must first understand the basic principles of economics. For the purpose of this assignment I have chosen an article from The American Journal of Clinical Nutrition that comments on the recent increase in body weight and food consumption patterns of today’s children. This paper will define such terms as economics, microeconomics, the law of supply, the law of demand, and identify the factors that lead to a change in supply and a change in demand.... [tags: Consumer Demand Economics]
1345 words (3.8 pages)
- Economics is an ever-changing field of study. Within that area of interest, there are many people who have influenced the world with their individual economic point of view. Some of those people have made a fundamental impact upon not only the United States of America, but also upon the world. Adam Smith, David Ricardo, John Maynard Keynes, Friedrich Von Hayek, Milton Friedman, and Fengbo Zhang are six men who have accomplished just that. Their opinions, actions, and words have forever changed the world of economics.... [tags: Economics]
1076 words (3.1 pages)
- ... Microsoft and Sony compete for the same customers in the market for video games and etc. It is actually misled when thinking about competition between countries. Trade between the two countries is not like a sports contest in which one side wins and the other side loses. In fact, the opposite is true: Trade between two countries can make each country better off. Why. A country can not be better off if it isolated itself from other countries, trade allows each country to specialize in the areas it does best, perhaps it is farming, oil industry, or information technology.... [tags: trade-offs, income, unemployment]
616 words (1.8 pages)