ECON312N Week 1 Discussion Latest 2020 November

ECON312N Principles of Economics

Week 1 Discussion

Scarcity or the Invisible Hand

Required Resources

Read/review the following resources for this activity:

Textbook: Chapter 1, 2

Lesson

Minimum of 1 scholarly source (in addition to the textbook)

Introduction

Select and respond to one of the following options:

Option 1: What assumptions about the economy must be true for the invisible hand to work? To what extent are those assumptions valid in the real world? Do these conditions hold in the social service industries?

Option 2: As illustrated in the text, society must make trade-offs in terms of what society produces. Examine these trade-offs in the context of the production possibilities frontier. Use a social service industry such as healthcare as an example. Make sure to address productive efficiency, allocative efficiency, and opportunity costs.

Follow-Up Post Instructions

Respond to at least two peers or one peer and the instructor. Respond to a peer who chose the option you did not choose. Further the dialogue by providing more information and clarification. Refer to the rubric for the criteria required for a response to be considered substantive.

Writing Requirements

Minimum of 3 posts (1 initial & 2 follow-up)

Minimum of 2 sources cited (assigned readings/online lessons and an outside scholarly source)

APA format for in-text citations and list of references