Economic Perspective

ECON 2301 Principles of Macroeconomics Time: Th 7:05 pm – 9:45 pm Synonym: 40512 Section: 023 Room: NRG2 2120

This quiz is to be completed individually. You may refer to course materials in order to prepare your answers. However, do not discuss the questions and answers with any other person regardless of whether they are in the class or not.

Utilitarianism is one of the moral theories that literally only acts on gaining or developing the use for having utility, or what is also known as happiness. Pleasure is a helpful key word to define utility because it is the opposite of feeling pain. As long as there stands a high level of utility, there will be actions to obtain it and no matter how much morality is provided or taken away. Such pleasure can be from the act of the utilitarian in which... Add more examples to this paragraph.

For all responses to each assignment, provide the rationale for your answers and any assumptions that you are making.

Answer four (4) questions. Maximum of 400 words for each question. These are questions which require short answers to a series of issues relating to economic principles and concepts.

Write a 1,050 to 1,400 word paper addressing each of the six questions at the end of this assignment.

• Please type you answers into this sheet. You must submit the worksheet two ways: 1) upload the worksheet as a Word document 2) cut and paste your answers into the student response box for the assignment.

This milestone, which covers Sections I and II of Final Project Part II, is a paper structured as follows:

1. (10 pts.) Stella Ann Freeman is having a difficult time deciding whether or not to purchase a new car. How would understanding the concept of opportunity costs help her make a decision?

Please save this document before you begin working on the assignment. Type your answers directly in the document. When you have finished, submit your work to your teacher.

Your paper should be between 1750 and 2500 words, in APA format and structured as follows:

This assignment has a maximum total of 100 marks and is worth 10% of your total grade for this course. You should complete it after completing your course work for Units 1 through 5. Answer each question clearly and concisely.

The article that will be used for this analysis is “Supply, demand, and the Internet-economic lessons for microeconomic principles courses” by Fred Englander and Ronald L. Moy. There will be definitions for the following economics, microeconomics, Law of supply and the Law of demand. Another subject that will be discussed is the identification of factors that lead to the changes in supply and demand. In order to better understand what is being discussed going to start with the definitions.

Marginal Utility by definition is the additional satisfaction a consumer gains from consuming one more unit of a good or service, which is usually positive, but can be negative. The concept implies that the utility or benefit to a consumer of an additional unit of a product is inversely related to the number of units of that product he already owns. The notion of marginal utility originated with attempts by 19th-century economists to examine and describe the economic validity of price. They believed price was partially determined by a commodity’s utility, which led to a paradox when applied to predominant price associations. This problem, commonly referred to as the

. Through the process of reading, I learned many things about the economy. First of all, I learned that it is a much more difficult decision to come to in regards of how much government involvement in the nation’s economy is enough, how much is too little, and how much is not enough. I also learned that trying to keep the economy stable and productive is a constant and difficult struggle, and that it is often difficult to even know what needs to or can be done in order to stabilize it. While I find economics to be somewhat boring (I am a music major and largely emotionally driven, which means that my entertainment is usually emotionally involving somehow), I actually enjoyed how Wheelan explained economics in this book. While I would not read it for fun, reading this book as an assignment was not painful.