Assignment:
Principles of Microeconomics:
•The Budget Constraint: What the Consumer Can Afford,
•Preferences: What the Consumer Wants,
•Optimization: What the Consumer Chooses,
•Three Applications,
•Conclusion: Do People Really Think This Way?,
SUBSTANTIVE POST- 75 WORDS EACH
1. The theory of consumer choice.
2. Consider the term the Ten Principles of Economics and how it's applied to the consumer buying trends.
3. Consider the theory of consumer choice and how it consumers facing trade-offs make decisions and how they respond to changes in their environment.
4. Consider for thought the following questions:
o Do all demand curves slope downward?
o How do wages affect labor supply?
o How do interest rates affect household savings?
Read Principles of Microeconomics:
•Asymmetric Information,
•Political Economy,
•Behavioral Economics,
SUBSTANTIVE POST- 75 WORDS EACH
1.Consider the term asymmetric information in order to understand why some people are better informed than others, and the imbalance in information affects the choices they make and how they deal with one another.
2. Consider the term political economy, and how it's applied to the field of political economy uses the tool.
3. Consider the term behavioral economics and how it's applied to consumer into the study of economics.