Part 1: Provide a response to 2 of the following questions. The response to each question should be 20 words or more. This means your contribution to Part 1 should be 40 words or more.
- Economists usually assume that consumers choose to purchase goods that maximize their personal satisfaction (economists call this utility). You have just walked into the doors of a place of business to purchase a good or service. Identify the store you have entered, select the good or service you plan to purchase, and describe your goals as a consumer in this scenario.
- Economists usually assume that producers or firms choose to produce and sell goods in order to maximize their profits. You are a business owner, it is the start of a regular business day. Identify the store you own, select the good or service you offer, and describe your goal as a firm in this scenario.
- In making their decisions, what goals do you think government officials are trying to attain? E.g., what goal is Mayor Skip Henderson (Mayor of Columbus) seeking to attain?
- In making your decisions as a student, what goals are you trying to attain?