Opportunity Cost, Scarcity, Production Efficiency, Allocative Efficiency, Human Capital, Specialization, Comparative Advantage, Income, Tastes, Prices, Household Budget, Information, Transaction Costs, Utility, Consumer Satisfaction, Profits, Markets, Competition, Market Structure, Labor Costs, Innovation, Entrepreneurial ability, Productivity, Government Regulations, Business Incentives, Economies of Scale, Product Differentiation, Brand Name, Advertising, Market Power.
General Instructions:
Choose one concept from the list above, and write a paper a 500 to 550 word paper (500 words, is the absolute minimum)
You are free to organize and arrange your sentences and paragraphs in any you see fit, but your response MUST at least have the following 5 elements:
It must state and define the concept or idea.
It must explain how you viewed or understood the concept before completing the discussions.
It must explain your new way of viewing, or understanding the concept.
It must say the reason why your perspective, or understanding changed. In other words, what did you do, see, or hear as a result of completing the discussions that helped transform your opinion.
It must have information, data or facts, that supports the reason for your change. The information, data or facts can be presented in the form of an example, or as part of an explanation, but it must be explicitly connected to at least one of the graded discussions.
As you produce your response, you should also consider the following:
The implications of the change in perspective. In other words, now that you see this in this way, what are some of the things that will come after? What will you do differently? What follows? Also, analogies and metaphors are a great way to illustrate how one views a concept or an idea.
