What are the key differences between scarce and free resources? How ?are they allocated? What can cause a free resource to become a scarce ?resource? Can you p
Overview
For this Assessment, you will answer a series of short-answer questions to demonstrate your understanding of the foundational principles used in economic decision making.
Assessment Submission Length: 5 items, with responses ranging in length from 75 to 150 words (1–2 paragraphs) per item.
Instructions
Before submitting your Assessment, carefully review the rubric. This is the same rubric the assessor will use to evaluate your submission, and it provides detailed criteria describing how to achieve or master the Competency. Many students find that understanding the requirements of the Assessment and the rubric criteria help them direct their focus and use their time most productively.
Access the following to complete this Assessment:
- Download the MS1001 Assessment Template, which includes the Rubric for this Assessment, and answer each question. Complete the form using the criteria presented in the Rubric.
- Download the Academic Writing Expectations Checklist to review prior to submitting your Assessment.
Important Information on Interpreting the Assessment Rubric (click to expand)
Please note that word count, paragraph lengths, or slide counts are provided as guidelines only. You will be assessed on the quality of your response. Be sure to reference the rubric often.
All submissions must follow the Academic Writing Expectations. For each item, be sure to reference at least one scholarly source to support your answer. Properly formatted APA citations and references must be provided where appropriate. Submissions that do not meet these expectations will be returned without scoring.
This Assessment requires submission of one written document. Save this file as MS1001_firstinitial_lastname (for example, MS1001_J_Smith).
You may submit a draft of your assignment to the Turnitin Draft Check area to check for authenticity. When you are ready to upload your completed Assessment, use the Assessment tab on the top navigation menu.
Important Note: As a student taking this Competency, you agree that you may be required to submit your Assessment for textual similarity review to Turnitin.com for the detection of plagiarism. All submitted Assessment materials will be included as source documents in the Turnitin.com reference database solely for the purpose of detecting plagiarism of such materials. Use of the Turnitin.com service is subject to the Usage Policy posted on the Turnitin.com site.
Assessment: Lunch and Learn: Economic Decision Making
Your company has partnered with the Council on Aging to host a “Lunch and Learn.” This is an opportunity for adults aged 55 or older to learn more about the subjects they find interesting, all while they enjoy lunch together. This session will be held at your local senior center and is titled “Economic Decision Making.” A few people have submitted their questions ahead of time. You will be representing your company at this session and are responsible for addressing the questions listed below:
Click each of the items below for more information on this Assessment.
Question 1
What are the key differences between scarce and free resources? How are they allocated? What can cause a free resource to become a scarce resource? Can you provide some examples so I can better understand this topic?
A typical response will be 75–150 words (1–2 paragraphs). Be sure to reference at least one scholarly source to support your answer.
Question 2
Economists argue there is “no such thing as a free lunch,” yet I just had lunch with a friend who paid for it! Are the economists incorrect? Explain using basic principles of economics.
A typical response will be 75–150 words (1–2 paragraphs). Be sure to reference at least one scholarly source to support your answer.
Question 3
I once read about a manager who noticed the company’s sales personnel were offering its customers deals that, while increasing revenues, lowered profits. After he reviewed the company’s compensation plan, the manager discovered that bonuses were based on sales revenue. Can you explain the sales personnel’s behavior using the economic principle that “people respond to incentives”? What kinds of changes might you recommend to the compensation plan to correct this problem?
A typical response will be 75–150 words (1–2 paragraphs). Be sure to reference at least one scholarly source to support your answer.
Question 4
Assume country A has an absolute advantage in producing all products compared to country B. Are there opportunities for gains from trade for both countries? Please provide at least 2 examples. What determines the direction of trade?
A typical response will be 75–150 words (1–2 paragraphs). Be sure to reference at least one scholarly source to support your answer.
Question 5
How does international trade allow a country to move beyond its production possibilities frontier? Can you please elaborate on this and provide 1 or 2 examples?
A typical response will be 75–150 words (1–2 paragraphs). Be sure to reference at least one scholarly source to support your answer.
Citing Your Sources
Be sure to provide a citation for each source you used when you created your response to this Assessment. A sample citation is provided below:
Lussier, R. N. (2017). Management fundamentals: Concepts, applications, & skill development (7th ed.). Sage Publications.
FYI
Achievement vs. Mastery of the Competency
- Mastery of this Competency means that 80% or more of the rows have been assessed as Exceeds Expectations and no rows have been assessed as Does Not Meet Expectations.
- Achievement of this Competency means that all rows are assessed at Meets Expectations or above (but lower than the 80% threshold required for Mastery).
Assessment of Individual Rubric Rows
In order to achieve Meets Expectations for a particular row of the rubric, you must have adequately completed all criteria in that row. This means that you have addressed all required elements to the required level of quantity and/or quality.
In order to achieve Exceeds Expectations for a particular row of the rubric, you must have adequately completed all criteria in the row, and in addition, your response must reflect a depth and breadth of knowledge and expertise. Examples of this include—but are not limited to—the following:
- You provide additional, specific, and/or particularly relevant examples to illustrate points made.
- You seamlessly incorporate your original thoughts and diverse, credible, and relevant academic sources, when applicable, to express your viewpoint or develop a persuasive argument.
- You demonstrate a deeper understanding of the subject that draws from discipline-specific knowledge and theory and incorporates the viewpoints of a diverse set of business and management thought leaders.
- You draw additional connections between multiple, complex topics to support your explanations.
- You are able to apply your knowledge in unique, creative, and/or innovative ways.
- You thoroughly break down concepts into simpler parts and use your understanding of business to make connections.
- Your analysis is insightful and original.
- You design processes, products, and/or solutions that are creative, high-quality, and innovative.
- You consider diverse perspectives and relevant social, ethical, and business-related issues when proposing new ideas or formulating judgments.
MS1001 Assessment Template
Prepared by: Replace this text with your name.
Date: Replace this text with the submission date.
Walden University, CBE Microeconomics, Economic Decision Making, Apply basic economic principles to decision making
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Lunch and Learn: Economic Decision Making
Question 1: Scarce and Free Resources
Question 2: No Such Thing as Free Lunch
Replace this text with your response to the following in 75–150 words (1–2 paragraphs): Economists argue there is “no such thing as a free lunch,” yet I just had lunch with a friend who paid for it! Are the economists incorrect? Explain using basic principles of economics.
Question 3: Responding to Incentives
Replace this text with your response to the following in 75–150 words (1–2 paragraphs): I once read about a manager who noticed the company’s sales personnel were offering its customers deals that, while increasing revenues, lowered profits. After he reviewed the company’s compensation plan, the manager discovered that bonuses were based on sales revenue. Can you explain the sales personnel’s behavior using the economic principle that “people respond to incentives”? What kinds of changes might you recommend to the compensation plan to correct this problem?
Question 4: Absolute Advantage and Trade
Replace this text with your response to the following in 75–150 words (1–2 paragraphs): Assume country A has an absolute advantage in producing all products compared to country B. Are there opportunities for gains from trade for both countries? Please provide at least 2 examples. What determines the direction of trade?
Question 5: International Trade
Replace this text with your response to the following in 75–150 words (1–2 paragraphs): How does international trade allow a country to move beyond its production possibilities frontier? Can you please elaborate on this and provide 1 or 2 examples?
References
Include appropriately formatted references to scholarly sources to support the statements made in your report. Please refer to the Academic Writing Expectations Checklist for more information.
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© 2021 Walden University, LLC 1
MS1001: Economic Decision Making: Apply basic economic principles to decision making
Assessment Rubric
Rubric Criteria Does Not Meet Expectations
Meets Expectations Exceeds Expectations
Module 1: Basic Economic Principles
Describe key differences between scarce resources and free resources, including how they are allocated and what can cause a free resource to become a scarce resource, and 1 or 2 examples. LO1.1.1: Explain the role of scarcity in economics
Description of differences between scarce resources and free resources, including how they are allocated and what can cause a free resource to become a scarce resource, and examples are vague, inaccurate, and/or incomplete.
Response provides a clear, accurate, and complete description of differences between scarce resources and free resources, including how they are allocated and what can cause a free resource to become a scarce resource, and 1 or 2 examples.
Response provides an exemplary description of differences between scarce resources and free resources, including how they are allocated and what can cause a free resource to become a scarce resource, and 2 or more examples.
Explain whether there is “no such thing as a free lunch” as it applies to the scenario by using basic principles of economics to support your explanation. LO1.1.2: Explain the role of scarcity in economics LO1.2: Explain how scarcity forces people to make trade- offs
Explanation whether there is “no such thing as a free lunch” as it applies to the scenario by using basic principles of economics to support your explanation is vague, inaccurate, and/or incomplete
Response provides a clear, accurate, and complete explanation of whether there is “no such thing as a free lunch” as it applies to the scenario by using basic principles of economics to support your explanation.
Response provides an exemplary explanation of whether there is “no such thing as a free lunch” as it applies to the scenario by using basic principles of economics to support your explanation.
© 2021 Walden University, LLC 2
Rubric Criteria Does Not Meet Expectations
Meets Expectations Exceeds Expectations
LO1.3.1: Use the concept of scarcity to explain the role of opportunity costs in decision making
Explain the sales personnel’s behavior using the economic principle that “people respond to incentives.”
LO1.4.1: Explain how incentives affect decisions
Explanation of the sales personnel’s behavior using the economic principle that “people respond to incentives” is vague, inaccurate, and/or incomplete.
Response provides a clear, accurate, and complete explanation of the sales personnel’s behavior using the economic principle that “people respond to incentives.”
Response provides an exemplary explanation of the sales personnel’s behavior using the economic principle that “people respond to incentives.”
Recommend a change to the compensation plan to correct this problem. LO1.4.2: Explain how incentives affect decisions
Recommendation of a change to the compensation plan to correct this problem is vague, inaccurate, and/or incomplete.
Response provides a clear, accurate, and complete recommendation of a change to the compensation plan to correct this problem.
Response provides an exemplary recommendation of a change to the compensation plan to correct this problem.
Module 2: The Production Possibilities Frontier and Trade
Explain whether there are opportunities for gains from trade and what determines the direction of trade. LO2.3.1: Explain the role of absolute advantage and comparative advantage in
Explanation and examples of whether there are opportunities for gains from trade and what determines the direction of the trade is vague, inaccurate, and/or incomplete.
Response provides a clear, accurate, and complete explanation (with at least 2 examples) of whether there are opportunities for gains from trade and what determines the direction of the trade.
Response provides an exemplary explanation (and 2 or more examples) of whether there are opportunities for gains from trade and what determines the direction of the trade.
© 2021 Walden University, LLC 3
Rubric Criteria Does Not Meet Expectations
Meets Expectations Exceeds Expectations
exchange and trade LO2.4.1: Explain gains from trade
Explain how international trade allows a country to move beyond its production possibilities frontier and provide examples. LO2.4.2: Explain gains from trade
Explanation and examples of gains from trade are vague, inaccurate, and/or incomplete.
Response provides a clear, accurate, and complete explanation of gains from trade and 1 or 2 examples.
Response provides an exemplary explanation of gains from trade and 2 or more examples.
Professional Writing
Professional Writing: Clarity, Flow, and Organization
Content contains significant spelling, punctuation, and/or grammar/syntax errors. Writing does not demonstrate adequate sentence and paragraph structure and requires additional editing/proofreading. Key sections of presented content lack clarity, logical flow, and/or organization.
Content contains few spelling, punctuation, and/or grammar/syntax errors. Writing demonstrates adequate sentence and paragraph structure and may require some editing. Content presented is satisfactorily clear, logical, and/or organized, but could benefit from additional editing/revision.
Content is free from spelling, punctuation, and grammar/syntax errors. Writing demonstrates appropriate sentence and paragraph structure. Content presented is clear, logical, and well-organized.
Professional Writing: Context, Audience, Purpose, and Tone
Content minimally or does not demonstrate awareness of context, audience, and/or purpose. Writing is not reflective of
Content demonstrates satisfactory awareness of context, audience, and purpose. Tone is adequately professional, scholarly, and/or
Content clearly demonstrates awareness of context, audience, and purpose. Tone is highly professional, scholarly, and free from bias,
© 2021 Walden University, LLC 4
professional/scholarly tone and/or is not free of bias. Style is inconsistent with the professional setting/workplace context and reflects the need for additional editing.
free from bias, and style is mostly consistent with the professional setting/workplace context.
and style is appropriate for the professional setting/workplace context.
Professional Writing: Originality, Source Credibility, and Attribution of Ideas
Content does not adequately reflect original writing and/or paraphrasing. Writing demonstrates inconsistent adherence to reference requirements, including the use of credible evidence to support a claim, with appropriate source attribution (when applicable) and reference. There are numerous and/or significant errors.
Content adequately reflects original writing and paraphrasing. Writing demonstrates adequate adherence to reference requirements, including the use of credible evidence to support a claim, with appropriate source attribution (when applicable) and references. There are one or two minor errors.
Content reflects original thought and writing and proper paraphrasing. Writing demonstrates full adherence to reference requirements, including the use of credible evidence to support a claim, with appropriate source attribution (when applicable) and references.
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