Paragraph 1: You will take some time to complete this "Week 3 Discussion" assignment. THINK: If you did not have to do this assignment, what would you be doing, specifically? Not all the things you could be doing, but the very next best thing you would be doing in that equivalent time. Tell us what that is. That is your opportunity cost of doing this assignment. Is it worth sacrificing this other very next best thing/the thing you are giving up? Why or why not? Demonstrate your understanding of opportunity cost. Be sure to address short term benefits/costs vs. long term benefits/costs as well.

Paragraph 2: Economic author Mankiw shares the Ten Principles of Economics. They are as follows: 1. People face trade-offs. 2. The cost of something is what you give up to get it. 3. Rational people think at the margin. 4. People respond to incentives. 5. Trade can make everyone better off. 6. Markets are usually a good way to organize economic activity. 7. Governments can sometimes improve market outcomes. 8. A countrys standard of living depends on its ability to produce goods and services. 9. Prices rise when the government prints too much money. 10. Society faces a short run trade-off between inflation and unemployment.

It's helpful to think about economics this way to better understand why people behave as they do. Then policymakers, your boss, and your parents can all develop policies or rules to achieve the best results. Did you get an allowance for doing chores as a youngster? That might be your dad knowing "people respond to incentives." The examples are endless. Now, you can try.

Recall the "Ten principles of economics" above. Demonstrate your understanding of these principles. Think about something you did recently or plan to do, identify the principle of economics that it aligns with, and explain. You can instead find something in the news if you wish that shows one of the principles in action. Select only ONE principle to write about.

For example, I might post something like the following (you will need to find something different):

Activity: I went shopping on Black Friday to purchase holiday gifts.