University of The Cumberlands Microeconomics Discussion

Give replies to below student posts each in 150 words.

Six key takeaways from Econ 101:

Econ 101 is study of basic microeconomic factors and global economic and social issues. After taking Econ 101 course, students can learn basic factors related to the economics such as: Opportunity Cost, Scarcity, Cost-Benefit Analysis, and global economic situations. Key outcomes from this course helps non-economic students to improve knowledge and create adequate understanding about concepts. To cover economic patterns and understand supply and demand chain in the competitive market, it is significant to go for using Econ 101 principles and aware all the benefits to improve economic operations (Boudreax, 2019).

The course introduces the student to get basic understanding about economic factors and focus on real world economic factors. This course is intended for the students who are not aware about economic principles and required best plans to deals with all the changes. After taking this course, students can cover following important takeaways: (Boudreax, 2019)

1.     Understand and illustrate real-world economic challenges

2.     Create understanding about supply and demand

3.     Demonstrate the knowledge about opportunity cost and rationale choice

4.     Better understand the role of government in the market economy

Students can review and summarise most important factors related to the economic and understand concepts of world economy and government implement policies. Consumer decision-making is another crucial component covered in the course which helps to make sound decisions and other important factors. Basic understanding of econ 101 also covered important factors related to the unemployment and inflation rates in the business. Hence, students are keen to learn new concepts in the econ 101 and covered important factors without fail. It is significant to gain detailed understanding and focus on long-term factors needed to improve market economic factors and other strategies. Due to the changing market trends, it is significant factor to understand Econ 101 policies and follow significant gains (Krueger, 2001).

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vikas-words:150

Scarcity, one of economics’ fundamental concepts, is more evident in today’s world. The likelihood of negative government plans and initiatives acquiring public support might be reduced if more individuals have a firm knowledge of economic realities. They also know a lot about economics, and they know it very well. People who haven’t studied Economics 101 often think that those who express doubt about the value of introductory economics courses are being clever and well-read. Because of this, it gives the false impression that persons who warn against the unconfirmed irrationality of taking Econ 101 extremely seriously do not have a fundamental grasp of economics.

Article 1

Expenditure-based factors have shown to be more significant in explaining the shortfall, life value, and fitness issues. A household’s spending may be a more accurate indicator of its financial health than its income, particularly for those with smaller earnings (Bakkeli, 2020). Consumption counteracts the poverty caused by a lack of resources by symbolizing both the fairness and the social or competitive aspects of the economy. One may call this a perk of using consumer goods. The inability to provide for a human need is what economists mean when they talk about insufficiency. The idea of scarcity is fundamental to the analysis of monetary growth, technical substitutions, labor market fluctuations, and capital market swings. Economists looked at scarcity through the lens of supply and demand, focusing mostly on how people make logical decisions under stress. Although one may reasonably assume a link between health and financial deprivation, drawing a causal inference from a cross-sectional set of data is notoriously difficult. This article gives a summary of the main health disparities between persons with and without consumption-based financial insufficiency, as measured by material inadequacy, social exclusion, and liquidation issues. The results of this study suggest that people with low incomes may not accurately portray consumer goods. Because of this, they are not able to fully engage in social activities and their way of life cannot be generalized in the same way that it is for the general population (Bakkeli, 2020).

Article 2

The research gives a summary of relative market cost, which is a good reflection of the restricted supply of resources. In economics, this remark may be interpreted in a number of different ways according to what we’ve learned through studying scarcity. The market framework is widely acknowledged as a crucial component of capitalism. Markets are places where buyers and sellers meet and exchange goods. Market prices for products and services are generally seen as accurate reflections of real scarcities. In this study, experts in the field evaluate three economic theories concerning the link between market price and scarcity based on their knowledge, expectations, and observations. One of the ways in which the neoclassical market theory benefits society is by ensuring that market prices reflect the true scarcities experienced by consumers (Figueroa, 2019). The integrated theory would be a new method of business analysis since it considers the modern view of markets. Given that many items and variables may be replicated, bioeconomic theory holds that scarcity in the monetary sense must be based on natural resources. The market’s answer, however, does not offer the second quality, partly as market-related prices reflect scarcities. The incentives for economizing in shifting scarce resources to alternative applications are significantly influenced by the latter cost price, yet inadequate resource-saving technologies are introduced instead. This is due to a finite supply of resources, and many of them must be divided among competing demands (Figueroa, 2019).