Economics is often described as the study of humanbehaviourin making choices to satisfy unlimited wants from limited resources. For this discussion, answer the following questions about fundamental economic principles based on your knowledge and experience.

1. Do you agree with the above statement about economics? Provide reasons and support your reasons by describing your own experiences.

2. Students often choose their education and career path based on demand and supply. For instance, at one time there was a high demand for dental hygienists. Colleges suddenly had an influx of students enrolling in dental hygiene and graduates easily found good-paying employment. Over time the supply of hygienists exceeded the demand and the ability to find a dental hygiene job started becoming difficult and pay rates began decreasing.

a) Do you think that people should take the practical route and pursue careers where the required skills are in demand or do you think people should identify what they are really good at and pursue careers related to their natural abilities regardless of the demand and supply trends? Use personal experiences to support your response and incorporate demand and supply concepts from this course in your response.

b) Which of the two, taking a practical route or pursuing careers based on natural ability, do you think is best for the growth of an overall economy or society? Once again, provide personal experiences or knowledge to support your response and relate it to economic concepts you have learned thus far.