Choose two principles from the first six of the Ten Principles of Economics in t

Question

1. Choose two principles from the first six of the Ten Principles of Economics in the textbook. Briefly explain each principle in your own words and give one example for each not given in the reading.
   
2. Provide at least one example of how you are an everyday economist. Draw on your personal or professional experiences that relate to some of the Ten Principles of Economics.
3. Provide one example of how you have employed the scientific method in your personal or professional life. If you never have, describe how you would.

1. Choose two principles from the first six of the Ten Principles of Economics in the textbook. Briefly explain each principle in your own words and give one example for each not given in the reading.
   
2. Provide at least one example of how you are an everyday economist. Draw on your personal or professional experiences that relate to some of the Ten Principles of Economics.
3. Provide one example of how you have employed the scientific method in your personal or professional life. If you never have, describe how you would.

Explanation / Answer

the two principles which I preferred to discuss are:

the cost of something is what you give up to get something

and people respond to incentives.

The cost of something is what you give up to get something: what we give to own a product or services is the money and what we receive is the value. people always measure these two aspects, if they believe that they are receiving more than what they are paying, then they proceed. If they do not feel it, what they pay is high than what they receive, then they do not go with the purchase. So, always consumers go with this principle to make better decisions in purchases.

people resond to incentives: People always enjoys to get more with little payment. when they get information about discount, additional quantity at same price, bundle sales, offers, etc, they prefer to buy more than normal times. what ever the form, if consumers realizes there are some benefits, they may go with the purchases in most of the times.

2. Everyday economist- we always do the analysis when we proceed with something. if we believe that we get something by doing, we proceed, if we think we get something by not doing, then we compares these two and proceed with the better option. suppose if i have two alternatives that watching a movie and playing with my friends, I compare these two and make a decision. So, it is a continuous activity where people compare all these and make better actions.

3. of course we may not directly use the scintific methods or scales in decision making in daily life, but we use our rational thinking and make decisions with common sense. for example; If i bought an umbrella, I can carry it while rainy times. But if I purchase a Jurkin/Rain jacket, it is better than umbrella. hence, I made choices like this and select one best to me which fit my needs.

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