What do economists mean by ‘opportunity cost?’ ?What are your opportunity costs in taking this course? Demand v. Quantity Demanded What is the difference
Demand Concepts
Discussion 1 Questions:
- Opportunity Costs
What do economists mean by "opportunity cost?" What are your opportunity costs in taking this course?
- Demand v. Quantity Demanded
What is the difference between a decline in the quantity demanded and a decline in demand? Give an example of something that you now buy less of. Is it an example of a decline in the quantity you demand or a decline in your demand?
- Behavioral Economics
Traditional economic theory makes a number of simplifying assumptions that may not always be true, e.g., that people always make rational decisions that are in their own best interest. In recent years, a new subdiscipline of economics has emerged called behavioral economics that attempts to employ a more realistic set of assumptions about how people behave to explain economic decision-making.
Based on information in this link (Behavioral Economics For Dummies Cheat Sheet), present two examples from your own experience that illustrate principles of behavioral economics.
Further reading for those with an interest:
Ariely, Dan. 2009. The End of Rational Economics. Harvard Business Review, Jul-Aug.
Connick, Hal. 2018. Read this Story to Learn How Behavioral Economics Can Improve Marketing. Marketing News. Jan.
Discussion 2
Plagiarism (Exploratory)
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Information on Plagiarism and Self-Plagiarism
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Econ 103 Discussion Rubric_8_20 Course: ECON 103 6388 Economics in the Information Age (2248)
Criteria Level 4 12 points
Level 3 9 points
Level 2 6 points
Level 0 0 points
Criterion Score
Answer
discussion
questions
/ 12
Respond to
at least two
peers
/ 12
All questions
are answered
with fully
developed
economic
ideas. Answers
are all or
mostly correct
and show
superior effort
and solid
understanding
of the
concepts.
One or more
questions are
answered.
Answers may
have some
errors but
show good
effort and
understanding
of the material.
One or more
questions are
answered.
Several errors
in answers
show weak or
emerging
understanding
of the
concepts.
No questions
are answered
or responses
show limited or
no
understanding
of the material.
Responds to at
least two peers
with economic
substance.
Responds to at
least two peers
with limited
economic
substance.
Responds to
less than two
peers or
comments do
not have
economic
substance.
No response to
peers.
Criteria Level 2 6 points
Level 1 3 points
Criterion Score
First response
posted by Sunday
/ 6At least one response
to a discussion
question posted by
Sunday.
First response posted
after Sunday.
8/15/24, 1:42 AM Rubric Assessment – ECON 103 6388 Economics in the Information Age (2248) – UMGC Learning Management System
https://learn.umgc.edu/d2l/lms/competencies/rubric/rubrics_assessment_results.d2l?ou=1327752&evalObjectId=4782309&evalObjectType=5&userId=… 1/2
Total / 30
Overall Score
Points 30 points minimum
Points 21 points minimum
Points 12 points minimum
Points 0 points minimum
8/15/24, 1:42 AM Rubric Assessment – ECON 103 6388 Economics in the Information Age (2248) – UMGC Learning Management System
https://learn.umgc.edu/d2l/lms/competencies/rubric/rubrics_assessment_results.d2l?ou=1327752&evalObjectId=4782309&evalObjectType=5&userId=… 2/2
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