- Economics Systems
Discuss how your college education could be considered an investment in human capital. What is the opportunity cost of your degree?
Reference: Chapter 1, section 1.1: Economics and Chapter 2, section 2.1: Limited Resources.
Guided Response: Review and respond to at least two of your classmates posts by replying to their posts on how a college education contributes to human capital and the opportunity cost of a degree. Be sure to refer to concepts found in the reading when responding to your classmates.
- Role of Government
Economics is the study of how society chooses to allocate its scarce productive resources (labor, capital, land, entrepreneurial talent).
In a mixed economy, elements of both central planning and market allocation of resources are used in allocating productive resources. The United States economy is a mixed economy, with a bias towards market allocation of resources. This means most resources are allocated in the private sector by way of markets.
Discuss whether you favor a larger or smaller role of government in the economy. Refer to concepts found in the reading to support your opinion.
Reference: Chapter 2: Markets, Governments, and Nations: The Organization of Economic Activity
This is just a reminder that the initial response to the DQs must be at least 200 words and formally “cite” (APA) our textbook readings to support your initial response. At least two of your comments to other students must be “substantive” (as defined by the rubric) in order to eligible for the maximum score. A substantive comment is at least 100 words. If ever there are any questions regarding the expectations for any of the activities or assignments, please feel free to give me a call.