Discussion Essay: Economics

by | Jan 28, 2021 | College (1-2), Discussion Essay

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.

  1. 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.
  2. 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.
  3. 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?
  4. In making your decisions as a student, what goals are you trying to attain?

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