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Essay Available:
Pages:
2 pages/β‰ˆ550 words
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Style:
Other
Subject:
Mathematics & Economics
Type:
Essay
Language:
English (U.S.)
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Topic:

Economic thinking and Shopping

Essay Instructions:

You will find all the required materials in this folder detailing the requirements to write each CLEAR-JE ( Contextualised Learning of Economics via Authentic Reflection - using Journal Entries). This includes:
Full details and description of the task and how to complete it,
A Word document template that MUST be used,
A marking rubric,
Example of a CLEAR-JE with comments, and
Six individually numbered Turnitin links that must match the number of a CLEAR-JE when being submitted.
could u pls log in to my school acount(ASK SUPPORT),u can search my UQ on google.
Chose my course---ECON7000-----course page-----ECON7000. Then u can find lecture from learning resources and find homework link and requirements from assessment
Chose my course---ECON7000-----course page-----ECON7000. Then u can find lecture from learning resources and find homework link and requirements from assessment

Essay Sample Content Preview:
Student name: Student number:
CLEAR-JE No. Word count: 615
Economic thinking and going shopping
My chosen context
Shopping is my favourite pastime activity. In the past, I was presented with a situation of dilemma where I had to make a choice between going shopping and shopping online. Between these two alternatives, I chose to go shopping at the expense of shopping online. This decision was largely informed by emotions rather than rational choice. Finally I went shopping without a shopping list and ended up doing impulse buying.
Theoretical concepts/ideas
* Opportunity Cost (Lecture 1)
* Cost Benefit Principle (Lecture 2)
* Scarcity Principle (Lecture 3)
* Demand and Supply (Lecture 3)
Choices are informed by scarcity. The decision to go shopping was predicated on scarcity of foodstuffs and personal effects. The rational decision of choosing one alternative over another should be based on the extra benefits that accrue from choosing one over the other, also known as the cost benefit principle (Blink & Dorton, 2021a). Besides, shopping online presented immense benefits as opposed to going shopping due to time and cost savings. Shopping from an online retail store would have resulted in significant cost benefits e.g. fuel savings and time spent doing something profitable. Time spend shopping would have been utilised to create something of economic value. The opportunity cost of going shopping is time wastage, lost financial savings (Blink & Dorton, 2021b). Opportunity cost is about what was not chosen rather than what’s chosen. The opportunity cost of going shopping is lost benefits of online shopping. The cost benefit of doing a shopping list far outweighs that of shopping without and includes financial savings (Free, 2021; COST BENEFIT ANALYSIS, 2020). Opportunity cost of shopping minus a shopping list is lost financial savings sunk into impulse expenditure. Demand and supply determine commodity prices both online and offline.
My prior assumptions
Previously, I presumed that decisions are independent of economics. I presumed that choosing between two alternatives lacke...
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