Please discuss the role "scarcity" played in your pursuit of a college degree. Did you engage in what economics calls "rational behavior" and how does your choice reflect "self- interest"?
Please discuss the idea of trade-offs (cost and benefit analysis) when answering the above question.
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In the pursuit of my college degree, scarcity played a role in it. This was because I wanted to get a job in my field upon graduating. For example, the benefits were that I would have an increase in salary, job satisfaction, opportunity to get in a management position, set my own hours, and the chance to make a difference in the lives of others. These were reasons on why I went for it. However, I might add that neither of my parents hold anything above an Associate's degree, and my mother only has her high school diploma. As a result, I was all the more determined to do better than both of them. Well, after graduation, I learned that it is very difficult to find work because of the economy, so I did partake in rational behavior. I had ...
Solution Summary
This solution discussed scarcity with regards to a college degree, and if rational behavior and self-interest had a part in the decision-making process.
Describe the challenges of ecological economics. How can an economic system address the issue of externalities equitably? How can the rate of consumption and waste generation be balanced while maintaining a growing population?
Probability: Mary is taking two courses, photography and economics. Student records indicate that the probability of passing photography is 0.75, that of failing economics is 0.65, and that of passing at least on of the two courses is 0.85. Find the probability of the following: a.Mary will pass economics. b. Mary will pass both
Define economics and provide an example of how economics relates to the sport industry. Briefly explain what an economic impact study represents.
Your response should be at least 200 words in length.
The constant or intercept term in a statistical demand study represents the quantity demanded when all independent variables are equal to:
a. 1.0
b. their minimum values
c. their average values
d. 0.0
e. none of the above
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