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3 pages/β‰ˆ825 words
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APA
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Mathematics & Economics
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English (U.S.)
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Topic:

Economics mod 1 case: Opportunity Cost

Essay Instructions:

Module 1 - Background

THINKING LIKE AN ECONOMIST: THE BASIC VOCABULARY OF THE FIELD

In this module, your readings will focus on some of the major principles and themes of microeconomics. Economics can be defined as the study of the allocation of scarce resources among competing uses. In this module, you are required to read two chapters from an online text as well as review two PowerPoint presentations. These materials will help you understand some of the major concepts in Economics such as resources, opportunity cost, and scarcity.

Required Reading

Rittenberg L. and T. Tregarthen (2009). Chapter 1: Economics: The Study of Choice.Principles of Microeconomics Retrieved from: http://www(dot)web-books(dot)com/eLibrary/NC/B0/B63/TOC.html

Rittenberg L. and T. Tregarthen (2009). Chapter 2: Confronting Scarcity: Choices in Production. Principles of Microeconomics. Retrieved from: http://www(dot)web-books(dot)com/eLibrary/NC/B0/B63/TOC.html

Course Handouts

Basic Terminology in Economics

What Is Economics?

Note: All readings were validated on March 17, 2013.

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Module 1 - Case

THINKING LIKE AN ECONOMIST: THE BASIC VOCABULARY OF THE FIELD

Case Assignment

Opportunity Costs

After reading the chapters from the background materials page, please address the following questions in an essay form:

  1. What is the approximate dollar cost of the tuition and other fees associated with this economics course you are taking? Does this dollar cost fully reflect the opportunity cost to you of taking the course?
  2. In the Case in Point essay “The Rising Cost of Energy,” (section 1.1 of Chapter 1) what would be some of the things that would be included in an the opportunity cost of preserving part of northern Canada by prohibiting heavy crude oil extraction? Do you think that the increased extraction represents the best use of the land? Why or why not?
  3. Could a nation’s production possibilities curve shift outward? Explain what such a shift would mean, and discuss at least TWO events that might cause such a shift to occur.
  4. By 1993, nations in the European Union (EU) had eliminated all barriers to the flow of goods, services, labor, and capital across their borders. Even such things as consumer protection laws and the types of plugs required to plug in appliances have been standardized to ensure that there will be no barriers to trade. How do you think this elimination of trade barriers affected EU output?

Assignment Expectations

Use concepts from the modular background readings as well as any good-quality resources you can find. Please be sure to cite all sources within the text and a reference list at the end of the paper.

Length: 3 pages double-spaced and typed.

The following items will be assessed in particular:

  • Your ability to apply the basic concepts and "big ideas" of economics to the relationship between money and happiness.
  • Some in-text references to the modular background readings (APA formatting not required).

The essay should address each element of the assignment. Remember to support your answers with solid references including the case readings.

Essay Sample Content Preview:

Economics mod 1 case: Opportunity Cost
Name
Course
Instructor
Date
Opportunity cost, the value of the best alternative foregone in making any choice
What is the approximate dollar cost of the tuition and other fees associated with this economics course you are taking? Does this dollar cost fully reflect the opportunity cost to you of taking the Course?
When a person decides to make a decision between two or more alternatives there are opportunity costs involved. Essentially, one has to make decisions based on wants and needs while also taking into account the opportunity cost (Tucker, 2008). It is the cost of what is foregone for choosing a certain alternative over others. The dollar cost of this economics course relates to the total of tuition fees and other related fees and is $ 1,500. The dollar cost does not indicate the opportunity cost of taking the course. There is partial assistance in paying my school fees, and I would have gone for recreational services and spent more money with my family. Essentially, the opportunity cost will not only indicate the dollar cost of the course but also the value foregone of the best alternative. Besides other things that could have been bought using the money, the time spent in taking the course would have been rest and recreation. Essentially, there is value in undertaking the course, and the course will most likely be beneficial in the future, but presently I have to forego leisure time and income related to work that would have been done when not pursuing education. In a way it is more like ‘a saving’ reflected in the future through higher income as it is will be crucial to the partial fulfillment of the degree program requirements.
In the Case in Point essay “The Rising Cost of Energy,” (section 1.1 of Chapter 1) what would be some of the things that would be included in and the opportunity cost of preserving part of northern Canada by prohibiting heavy crude oil ...
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