Basic Principles of Economics

Basic Principles of Economics

INSTRUCTIONS

Choose an article published in the last two weeks in one of these three resources (Wall Street Journal, Business Week, Economist).  Discuss how the article relates to one or more of the Ten Basic Principles of Economics:

  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 Country’s 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

QUESTION

Discuss why Sociological research is necessary and why relying simply on personal knowledge may not be enough to clearly understand events in our daily lives. 

You must support your response with scholarly sources in APA format.  Simply stating your opinion is not enough, back up your opinion with citations. 

Select a social problem such as drug abuse, suicide, homelessness, bullying or racism and discuss how the various sociological perspectives view the problem and how they may go about solving this problem.

You must support your response with scholarly sources in APA format.  Simply stating your opinion is not enough, back up your opinion with citations.

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