Devry ECON 312 Week 1 Discussion Latest

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Devry ECON 312 Week 1 Discussion Latest

OPPORTUNITY COST; ECONOMIC SYSTEMS

NOTE: Before posting, please review the Discussion Activity Overview page in the Introduction & Resources area for discussion grading information and requirements that are unique to this course.

Multimedia post (up to 10 points) – Opportunity Cost: What is opportunity cost, and how is it different from accounting cost?

Create a short 1-2 minute slide presentation with a voice narration or a video using any technology you are comfortable with.Suggestions: Adobe Spark Page (Links to an external site.)Links to an external site. with a Spark Video, VoiceThread, Kaltura video post, or a narrated PowerPoint. The presentation introduces who you are, and gives an example of how the Principle of Opportunity Cost applies to your life.

Think of a recent decision you made. It could be a decision as simple as whether to eat out or cook at home. Or, it could be a decision to quit your job and go back to school. What alternatives did you consider? How did you arrive at your final decision? Did you implicitly weigh marginal cost and marginal benefit? How does the concept of opportunity cost apply to production possibilities curve (PPC) analysis? How can we use PPC analysis to examine the opportunity cost of what we do?

Economic Systems (up to 5 points) – What are economic resources, and how does scarcity of resources apply to economic decisions? Think of a business firm you recently visited (such as Walmart, Home Depot, Red Lobster, Barnes & Noble, McDonald’s, etc.). What motivated the producers of each of the products in the store to make these and offer for sale? How did the producers decide on the best combination of resources to use for producing each product? Who made those resources available, and why? How does the market determine who will get the goods and services? Who decides whether these particular products should continue to be produced and offered for sale? How do these decisions differ between capitalist and socialist systems?

MyEconLab (MEL) Activity Post (up to 5 points) – Complete your choice of one of the available Week 1: MyEconLab Activities for the week (recommended), and post a short summary post along with one or more ideas on how to apply the principles explained in the selected Activity. Include the word “Activity” along with the topic of the MEL Activity in the first sentence, or make a high-quality response to a classmate’s MEL Activity or other post.

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Devry ECON 312 Week 1 Discussion Latest