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Major Economic Decision (Example)

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Name Professor’s name Course DateEconomic Decision Nowadays every individual must make a decision in his or her lifetime. However every individual does not make decisions in the same manner. In economics four main principles usually prevail that involve making a decision these principles include the cost of an item is what a person give up to achieve it the individuals reactions to incentives; the individuals face trade-offs and the rational thinking of people at the margin. The individuals face trade-off is merely the concept of providing one item that people like for one another. The expenses of items are what people give it up to achieve it means that the expense will remain a factor. However it should not be the only one. “Rational people think at the margin” refers to individuals thinking in shades of gray. “People respond to incentives” deals with the majority of middle-class citizens. Many not be supplied over to the importer up until the instant they pay. In the situation of non-payment the bank had no obligation in this detail. The papers were simply not given over as well as the goods were not supplied. The international transaction had an impact on my decision in many ways. The shipping of goods meant that I had to pay for taxes before receiving the consignment. They were also the taxes that paid on the two ports that caused a change of decision. The change of decision was to make sure that the money budgeted for the goods had to be budget again. This is because the imposing the transaction tax probably reduced output as well as transaction. While these impacts could be alleviated on condition other financial hubs presented a like tax strong disapproval in various countries that made such a universal tax very questionable. [...]

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Guidelines for Short Paper EC 101 Mr. Spencer DUE Last Class Meeting The paper should be a minimum of 5 pages double spaced. The paper should be centered on a major economic decision in your life such as: Taking a job or internship Buying a house or renting an apartment Buying a car Deciding to attend college Paying for college Getting married Taking a vacation Please explain your decision making process in detail, including listing the alternatives under consideration. Describe the costs and benefits of various alternatives. Also discuss how other stakeholders are affected economically. You should include how this decision may be influenced by economic concepts, such as: Did the current state of the business cycle affect your decision? What were the tradeoffs for you between near-term and long-term rewards? What opportunity costs were incurred due to this decision? How do changes in supply and demand influence the price you expected to pay? What type of market structure was involved? Who is responsible for supplying this good or service? What factors of production are involved? Did your prospects for employment impact this decision? Were actions by the government involved in your decision? Did interest rates or the need to borrow affect your decision? Who profited most from your transaction? Was international trade involved in your transaction? Did the level of taxes impact your decision? How does taking this class improve your decision-making ability?

Subject Area: Economics

Document Type: Reports

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