In our first three lectures, we were focused on the four core principles of economics that form
Question:
In our first three lectures, we were focused on the four core principles of economics that form the foundation of the entire course. The goal is not to memorize these principles; it is to train our minds to use them. The goal is to learn how to think like an economist. In our lectures I provided you with many examples from my own life to help you understand and appreciate how relevant the four principles are in our day-to-day lives. I talked about my decisions to visit my dad in Mississauga, to go to the Peter Gabriel concert, not to put a leash on my dog, not to marry my high school sweetheart, and to buy 4 cans of beer instead of 3 for the house party I was invited to. Now it's your turn! In this assignment, I want you to describe a decision you've made in your own life and how, perhaps without even realizing it, you used one or more of the four core principles of economics (1) people face tradeoffs; (2) the cost of something is what you give up to get it; (3) rational people think at the margin; and (4) people respond to incentives. The decision can be anything in your life. It doesn't have to involve money and you don't need to provide any numbers. You only need to describe the different costs and benefits that factored into your decision. My only restriction is that you can't use your decision to go to university as your example, since we discussed that example ad nauseum in class. Write down your example on a single page using proper grammar, sentences, and paragraphs (do not write in "bullet form"). Since you are describing something personal (not private) from your own life, there is no need to provide any formal references or citations. If you want to bring an idea from elsewhere, simply include it in the text of the writing. For example, if something you in a Globe and Mail article influenced your decision, I would write something like: "According to an article titled "So and So" that I read in the Globe and Mail on September 2, the ...
" Your one-page explanation should be single-spaced (no more than 6 lines of type per inch) on a 8 " x 11" (216 mm x 279 mm) page with margins set at a minimum of 3/4" (1.87 cm) using 11-point Calibri font. I have uploaded a MS Word file in the Assignment folder on LEARN called "assignment_template.docx" which satisfies these formatting requirements.