Economic Decision-Making Principles

You have one semester left to graduate and you have the finances to do a maximum of four courses. Three of the courses are required courses. The last course slot belongs to an elective. You have narrowed down your choices to three electives, all of which are very popular and very useful courses that you are very interested in. Decide on the course you want to take. Then using at least two economic decision-making principles

Principle 1: People face trade-offs

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Principle 2: The cost of something is what you give up getting it

Principle 3: Rational people think at the margin

Principle 4: People respond to incentives

Explain why you are making this choice.

 

  • Develop a response that includes examples and evidence to support your ideas, and which clearly communicates the required message to your audience. Organize your response in a clear and logical manner as appropriate for the genre of writing. Use well-structured sentences, audience-appropriate language, and correct conventions of standard American English.