ECON 103 week 1 and week 3 Economics in the Information Age

Description

Discussion Questions:

Opportunity Costs

What do economists mean by “opportunity cost?” What are your opportunity costs in taking this course?

Demand v. Quantity Demanded

What is the difference between a decline in the quantity demanded and a decline in demand? Give an example of something that you now buy less of. Is it an example of a decline in the quantity you demand or a decline in your demand?

Behavioral Economics

Traditional economic theory makes a number of simplifying assumptions that may not always be true, e.g., that people always make rational decisions that are in their own best interest. In recent years, a new subdiscipline of economics has emerged called behavioral economics that attempts to employ a more realistic set of assumptions about how people behave to explain economic decision-making.

Based on information in this link (Behavioral Economics For Dummies Cheat Sheet), present two examples from your own experience that illustrate principles of behavioral economics.

Further reading for those with an interest:

Ariely, Dan. 2009. The End of Rational Economics. Harvard Business Review, Jul-Aug.

Connick, Hal. 2018. Read this Story to Learn How Behavioral Economics Can Improve Marketing. Marketing News. Jan.

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Graded Discussion Week 3

Incentives and Externalities

Discussion Questions:

Externalities and the Environment
Meyer describes the “Tragedy of the Commons.” The IMF article explains how this type of problem is an example of an “externality.” What is an externality? What might be a good government policy to solve the problem of the environmental externality that leads to high greenhouse gas emissions?

Moral Hazard and Adverse Selection

“Moral hazard” is a term often used in the context of peoples’ behavior once they have insurance. Szuchman and Anderson explore the idea of moral hazard in personal relationships. How would you define moral hazard? Provide an example of a moral hazard that you have observed in your own community or workplace.

How does moral hazard differ from adverse selection?

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