ECON Wk1
Mike Mike
Week1questions.docxHave you ever wondered why people act the way they do on Black Friday or on the 4th of July? Or why wealthy people and nations have less children than poorer ones? Or why we buy flowers or a card for a loved one knowing that it will end up in the garbage later? Or why some countries are poor while others are rich? Or why some people live longer in some parts of the world than others? Or why wars happen? These are among countless questions that could be answered through understanding the economics way of thinking.
Before you attempt to contribute to this discussion topic, please review the following video:
This week, share an example from your life where you had to make a choice knowing that you are giving up opportunities for doing or gaining something else. Tell us about your thinking process and how you arrived at the final choice you made. Would you make the same choice gain?
Moreover, why do consumers make choices when they acquire something (jobs, money, friends, vacations, sleep, living places, etc.), and why do individual producers or nations have to choose the type, quality, and quantity of what they produce?
For me gaining a Ph.D. was important but not as much as it was to my late father, and this was the top reason for me to finish and defend my thesis.
My main opportunity cost was time. Valuable time that I could have spent with my loved ones or doing activities I truly enjoy.
Q.1 Please share your examples of tradeoffs and opportunity costs this week.
Hello Everyone,
One choice that I recently made was leaving my job in Denver, Colorado to move back to New Mexico. This decision was one that had to be weighed out carefully. At my previous job, everything was going well and I had recently received a raise in pay but the amount of money both my husband and I were making combined was not balancing up to how much we were spending over there. We had our usual bills that needed to be paid monthly and of course rent was one of the largest bill we had. We thought about it carefully and determined how we could create a better lifestyle for us and be able to afford things. We knew that cost of living was too expensive and plus with a baby on the way, that was going to be alot harder. So we decided to move back to New Mexico and establish a whole new career where we both have better paying jobs and stability. Now we have been able to save up more money and afford necessities that we need. Cost of living in New Mexico is alot cheaper and more affordable. With this decision, we both agreed that we won't move again because of how prices have gone up and our families are surrounded by us.
I think we as consumers have thousands of choices to make each day which could affect on what will happen next. Individuals make these choices because they see either possible benefits for them or something that will probably not work in their favor which they choose to move on. I have always believed in weighing out options and determining what will work and what won't work to help make that choice. That was exactly what my husband and I did before we moved. Depending on what the individual is making a choice on, there will always be certain factors to think about and of what could work and what won't work in order to make that correct decision.
Hello Everyone,
One choice that I recently made was leaving my job in Denver, Colorado to move back to New Mexico. This decision was one that had to be weighed out carefully. At my previous job, everything was going well and I had recently received a raise in pay but the amount of money both my husband and I were making combined was not balancing up to how much we were spending over there. We had our usual bills that needed to be paid monthly and of course rent was one of the largest bill we had. We thought about it carefully and determined how we could create a better lifestyle for us and be able to afford things. We knew that cost of living was too expensive and plus with a baby on the way, that was going to be alot harder. So we decided to move back to New Mexico and establish a whole new career where we both have better paying jobs and stability. Now we have been able to save up more money and afford necessities that we need. Cost of living in New Mexico is alot cheaper and more affordable. With this decision, we both agreed that we won't move again because of how prices have gone up and our families are surrounded by us.
I think we as consumers have thousands of choices to make each day which could affect on what will happen next. Individuals make these choices because they see either possible benefits for them or something that will probably not work in their favor which they choose to move on. I have always believed in weighing out options and determining what will work and what won't work to help make that choice. That was exactly what my husband and I did before we moved. Depending on what the individual is making a choice on, there will always be certain factors to think about and of what could work and what won't work in order to make that correct decision.
Have you ever wondered why peo
ple act the way they do on Black Friday or on the 4th of July?
Or why wealthy people and nations have less children than poorer ones? Or why we buy flowers
or a card for a loved one knowing that it will end up in the garbage later? Or why some countries
ar
e poor while others are rich? Or why some people live longer in some parts of the world than
others? Or why wars happen? These are among countless questions that could be answered
through understanding the economics way of thinking.
Before you attempt to c
ontribute to this discussion topic, please review the following video:
This week, share an example from your life where you had to make a choice knowing that you
are giving up op
portunities for doing or gaining something else. Tell us about your thinking
process and how you arrived at the final choice you made. Would you make the same choice
gain?
Moreover, why do consumers make choices when they acquire something (jobs, money, fr
iends,
vacations, sleep, living places, etc.), and why do individual producers or nations have to choose
the type, quality, and quantity of what they produce?
For me gaining a Ph.D. was important but not as much as it was to my late father, and this was
t
he top reason for me to finish and defend my thesis.
My main opportunity cost was time. Valuable time that I could have spent with my loved ones or
doing activities I truly enjoy.
Q.1
Please share your examples of tradeoffs and opportunity costs this week.
Hello Everyone,
One choice that I recently made was leaving my job in Denver, Colorado to move back to New
Mexic
o. This decision was one that had to be weighed out carefully. At my previous job,
everything was going well and I had
recently received a raise in pay but the amount of money
both my husband and I were making combined was not balancing up to how much we w
ere
spending over there. We had our usual bills that needed to be paid monthly and of course
rent
was one of the largest bill we had. We thought about it carefully and determined how we
could create a better lifestyle for us and be able to afford things. W
e knew that cost of living was
too expensive and plus with a baby on the way, that was going to be alot harder. So we decided
to move back to New Mexico and establish a whole new career where we both have better
paying jobs and stability. Now we have been
able to save up more money and afford necessities
that we need. Cost of living in New Mexico is alot cheaper and more affordable. With this
decision, we both agreed that we won't move again because of how prices have gone up and our
families are surrounded
by us.
I think we as consumers have thousands of choices to make each day which could affect on what
will happen next. Individuals make these choices because they see either possible benefits for
them or something that will probably not work in their favo
r which they choose to move on. I
have always believed in weighing out options and determining what will work and what won't
work to help make that choice. That was exactly what my husband and I did before we
moved.
Depending on what the individual is maki
ng a choice on, there will always be certain
Have you ever wondered why people act the way they do on Black Friday or on the 4th of July?
Or why wealthy people and nations have less children than poorer ones? Or why we buy flowers
or a card for a loved one knowing that it will end up in the garbage later? Or why some countries
are poor while others are rich? Or why some people live longer in some parts of the world than
others? Or why wars happen? These are among countless questions that could be answered
through understanding the economics way of thinking.
Before you attempt to contribute to this discussion topic, please review the following video:
This week, share an example from your life where you had to make a choice knowing that you
are giving up opportunities for doing or gaining something else. Tell us about your thinking
process and how you arrived at the final choice you made. Would you make the same choice
gain?
Moreover, why do consumers make choices when they acquire something (jobs, money, friends,
vacations, sleep, living places, etc.), and why do individual producers or nations have to choose
the type, quality, and quantity of what they produce?
For me gaining a Ph.D. was important but not as much as it was to my late father, and this was
the top reason for me to finish and defend my thesis.
My main opportunity cost was time. Valuable time that I could have spent with my loved ones or
doing activities I truly enjoy.
Q.1 Please share your examples of tradeoffs and opportunity costs this week.
Hello Everyone,
One choice that I recently made was leaving my job in Denver, Colorado to move back to New
Mexico. This decision was one that had to be weighed out carefully. At my previous job,
everything was going well and I had recently received a raise in pay but the amount of money
both my husband and I were making combined was not balancing up to how much we were
spending over there. We had our usual bills that needed to be paid monthly and of course
rent was one of the largest bill we had. We thought about it carefully and determined how we
could create a better lifestyle for us and be able to afford things. We knew that cost of living was
too expensive and plus with a baby on the way, that was going to be alot harder. So we decided
to move back to New Mexico and establish a whole new career where we both have better
paying jobs and stability. Now we have been able to save up more money and afford necessities
that we need. Cost of living in New Mexico is alot cheaper and more affordable. With this
decision, we both agreed that we won't move again because of how prices have gone up and our
families are surrounded by us.
I think we as consumers have thousands of choices to make each day which could affect on what
will happen next. Individuals make these choices because they see either possible benefits for
them or something that will probably not work in their favor which they choose to move on. I
have always believed in weighing out options and determining what will work and what won't
work to help make that choice. That was exactly what my husband and I did before we
moved. Depending on what the individual is making a choice on, there will always be certain
