need discuission asap

General Information:

To be an effective learning tool the Discussion Board topics require your active discussion of the topic with at least two of your classmates.

· First post made during, or before, Saturday.

· Posts on at least 3 different days.

· Responses to at least two other classmates.

· Substantive posts that stimulate further active discussion, posts that accurately reflects the learning, that are logical, and clearly presented with correct spelling, word usage, and grammar.

· To be counted as a substantial post, your main post to the Discussion topics should be at least 200 words per Discussion topic.

Book is Principle of Macroeconomics 7th edition

By N. Gregory Mankiw

Topics

Topic

Introductions

Economic Principles

Economic Principles

The Discussion topics deal with the Ten 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 a whole works.

Read Chapter 1 to identify particular economic principles that guide the various economic decision making processes. Respond to two of the following Discussion topics. Remember to include your references or links to the websites that are important contributors to your comments.

Topic 1: Economics deals with economic choices (decisions) individuals, firms and nations make. 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?

Topic 2: The economy works via the interactions of economic agents (interactions of economic choices). Think of a recent purchasing decision in which you compared the marginal benefits associated with buying a product with the marginal costs. How do you make a rational decision by comparing marginal benefits and marginal costs?

Topic 3: The economy works via the interactions of economic agents or interactions of economic choices in markets. Economists claim that pursuing self-interest leads to trade based on specialization, which in turn leads to mutual gains from trade. What is the role of self-interest in free market operations? Why engagement in self-interest may lead to better economic welfare for the society at large?

I need a response for the following 2 classmate below

Gregory Tolson Jr. 6/13/2014 9:32:24 PM

Topic 1: Agents need to make choices in the process that allow them to deem the process worthwhile. In chapter 1 the principles speaks to this quite well. Principles 1 – 3 are especially important, as there are trade-offs that we are faced with in making decisions, there is a cost to something from the final decision that’s made, and there has to be a reasonable rational in making decisions that make sense in the final analysis. Some factors that can weigh in on our decisions are need, requirement, and being beneficial to the person, people or businesses involved.   Topic 3: Self-interest really means to do something that is beneficial to ones self. In this case what is going to be beneficial to the markets vs. what isn’t? As is referenced in the podcast from Federal Reserve Bank of St. Louis “Self Interest is the motivator of economic activity”. Providing the decisions being made in the market are sound and fruitful, this will only help to improve the welfare of society. More economic gain opens up the options of more employment opportunities, area improvement, and creating the opportunity for a positive ripple effect full scale. Reference: Federal Reserve Bank of St. Louis. (2014). The Role of Self-Interest and Competition in a Market Economy – The Economic Lowdown Podcast Series [Audio Podcast]. Retrieved from: http://www.stlouisfed.org/education_resources/economic-lowdown-podcast-series/the-role-of-self-interest-and-competition/ Mankiw, N. Principles of Macroeconomics. 7th Edition. Cengage Learning, 2015. VitalBook file. Bookshelf.

Teresa Beights 6/14/2014 8:49:06 PM

Economic agents need to make choices in the decision making process because not everyone thinks alike. If everyone makes a decision whether it be a good one or a bad one, each decision has an outcome and some times people have to learn from that mistake.   We just purchased a used modular home. Our other home was in need of desperate repairs and instead of sinking a whole lot of money into it we decided to get a newer one. We looked at the brand new ones but in was going to cost a fortune so instead of paying over 50,000 we only spent 12,000 on a home which to me I liked better. Why pay 38,000 dollars more for something if you can get it cheaper