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Daytodayconcepts (Economics)

In: Business and Management

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Over the course of this class we will cover the following topics: Principles of Economics (week 1) Thinking Like an Economist (week 1) Supply and Demand (week 2) Market Efficiency (week 3) Consumer Surplus (week 2)
Your assignment for the final paper is to write a 2 to 3 page paper (double spaced) about how 3 of the above concepts applies to your daily life. For example how does consumer surplus impact the decisions you make when shopping for groceries? Be creative and think hard about these important concepts. Please use ProQuest and cite at least one source in text. Your paper will be due on Saturday night of the last week of the module. Submit your paper to Smarthinking. Attach their feedback along with your final submission. Smarthinking has about a 48 hour turn-around time so plan accordingly.

Day to Day Concepts
Perla Gomez
ECN220
September 7, 2013
Sheneman

Day to Day Concepts
The thought of Economics can be a scary one. It is full of big words, difficult concepts, and challenging theories that can be hard to understand. The concepts that underlie Economics are scary ones and at some point were difficult to understand. However, I found that I could apply most of these concepts to my daily life. Supply and Demand, Consumer Surplus, and Thinking Like an Economist are all part of my day to day activities. I use them so often that I don’t even realize I am using them or taking advantage of them. Even if you have no idea what these are, chances are you have already used them, like me. According to my Economics book, supply and demand are the two words that economist most often use. Mankiw(2007). They go hand in hand because without one there can be no other. In basic terms, supply and demand means the demand of a product, service, or commodity and the supply or availability of the product. The main principle of Supply and Demand

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