Opportunity cost and scarcity

Name Instructor Course Date Opportunity Cost and Scarcity Opening a business and earning a profit was the opportunity cost of taking the economics course. I was supposed to open a cosmetic shop and even supply the same products to retailers at a lower price. But considering little information or knowledge that I had in products distribution, I decided to study economics to improve my skills and abilities in business. Business was important, but operating with customers with little knowledge might have led to a loss. Considering my decision, I am not disappointed to have left the business deal. I made the right decision since studying this course will add me a value on how to conduct a...

Principles of Economics

Principles of Economics Student’s Name Institutional Affiliation Principles of Economics How Economists are both Scientists and Policymakers and Principles Society Uses to allocate its Scarce Resources Economics is a wide field that necessitates to the integration of complex knowledge and skills. Economists are scientists for the reason that they come up with models and premises that can undergo testing with the utilization of data. The models lead to calculations and prediction of future trends. Therefore, as scientists, economists factually establish and test models as well as assumptions through various scientific techniques. Hence, economists can understand the progress of the economy...

Public policy admission essay

Name Instructor Course Date Public policy admission essay I received a call on an unusually chilly day in 2016 from my co-worker Sabrina at the WB energy team. She enthusiastically expressed that we are going establish our energy academy online training program. The middle eastern governments have requested for the training program for some time. “We can not wait to talk to you and learn from your experience.” The paper discusses a person who would like to study more in the field of public policy admission and improve the company performance. The pilot work of Sabrina's team denotes the era in which international organisation is not just content with their traditional model. It should...

Question 4 and 5

Name Instructor Course Date Question 4 and 5 Question 4 a. The first stamen on family decision about the amount of income to save is classified as a micro-economics. b. The effect that comes as a result of government regulating things like auto emission can be classified as macroeconomics. c. The high national savings of a country for the objectives of economic growth is classified as macroeconomics. d. The number of workers to be hired in a given firm is classified as microeconomics. e. Changes in the quantity of money versus the inflation can be classified as macroeconomics (Chapter 2, 19). Question 5 a. The statement of society facing a short-run tradeoff as a...

Research on Macroeconomics

Name Instructor Course Date Research on Macroeconomics As the field of economics expands, all eyes and interests shift to macroeconomics as the research area. Macroeconomics is one of the branches of economics which deals with the structure, behavior, performance and the decision making within the economy as a whole. Relatively, macroeconomics is a new branch thus there are many issues still need to be fixed and many new things to discover. Macroeconomics as well seems to be changing faster welcoming any form of contribution towards any problem discovered (Prescott, 3). Thus, macroeconomics goes beyond regional and national economies and look at the global economies as the whole. In...

sociocultural forces

Sociocultural Forces Author Institution Author’s Notes Sociocultural Forces China is located in the east of Asia, well known for its tourist attraction sites with its beautiful scenarios with unique landscapes and mountains and rich culture. Being the second largest in development in the world, foreign investors from all walks of life flood there for investments and business opportunities only to be met by many barriers one major one being the Chinese culture. Chinese value their culture, which is different from the western culture, therefore for any business to flourish there, according to Da CITATION DaL79 n t l 1033 (1979), one needs to have an understanding of its culture, respect...

Admission Essay: Economics

There a close-knitted relation between economics and psychology as economics is based on practical decisions while psychology focuses on how decisions are made. Thus, having majored in psychology gives a student venturing into economics an added advantage in understanding decision-making processes. In fact, understating psychological factors influencing a decision-maker will improve efficiency in addressing such challenges as food crises, climate change, and market failure. A background in economics would be crucial in understanding resource use and management (Baumol & Blinder, 2008). Similarly, the application of psychology in economics enhance decision-making that would eventually reduce the...

The US Biofuel Policy

Name: Instructor: Course: Date: The U.S. Biofuel Policy One of the policy issues related to emerging energy economics is the US Biofuel policy. There have been major national initiatives to general renewable fuels from organic matter which have taken shape in the country to minimize the dependency of foreign oil and also to achieve reduction of greenhouse gases. The Department of Energy (DOE) is one of the key stakeholders when it comes to formulating energy policies hence this report is addressed to the Secretary of DOE. The growing concerns of environmental quality and energy consumption have led to the evolution of policies relating to Clean Air Act to mandate the large-scale use of...

Money and the Prices in the Long Run and Open Economies

Economic Growth and Development Student’s Name Institutional Affiliation Abstract Economic prosperity is the hope of all governments around the world and what each of the government strives to achieve. This is because economic development leads to the improvement of people lives in the country as well as promote the wellbeing of the nation wholesomely. Through economic development, the country generates wealth thereby becoming self-sufficient. This paper looks at the state of economic development. The paper identifies the factors that spur economic growth to provide an accurate account of how countries grow economically. The role of the government in achieving this goal is emphasized greatly...