Question

What concepts from the course are applicable to your personal life? Name and describe at least...

What concepts from the course are applicable to your personal life? Name and describe at least one economic concept that you consider to be an important takeaway from this course. Explain why, and describe how you plan to apply it.

Homework Answers

Answer #1

the concepts like law of demand, theory of diminishing marginal and equimarginal utility, the indifference curve technique and the reveled preference theory are very common and are applicable to the general life of people. if i have to name one that is most relevant then it would be equimarginal utility concept. it explains very well how a consumer can maintain balance between its choices and maxmise the utility. if i have like maintain balance between work, study and playing then i will compare the price or cost of it(it can be physical or monetary) to the satisfaction i get from each. where the last rupee spent or we can say the cost is equalise with the gain i will stop consuming that thing. this way utility will be maximised.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
What concepts from the course are applicable to your career path? Name and describe at least...
What concepts from the course are applicable to your career path? Name and describe at least two economic concepts that will translate to your profession. Explain why these concepts are important and how they will be helpful to you or to the organization you will work for.
Compose your professionally focused responses from the broader perspective of one of the following three career...
Compose your professionally focused responses from the broader perspective of one of the following three career path areas: business, technology, or healthcare. Or if you prefer, you may narrow the focus down to a very specific career path that you are already in or are seeking. This week, you will write a reflective essay that addresses the following questions. Use at least one or two fully developed paragraphs for each response. What are your career goals? How do the principles...
How can a better understanding of sociology and the social world improve your personal or professional...
How can a better understanding of sociology and the social world improve your personal or professional life, overall? Give at least three specific examples of ways in which you can or will apply concepts that we studied in this class in your personal or professional life. Additionally, explain what concept/s you found most interesting and why. Introduction To Sociology
Identify at least two (2) concepts that were reviewed in this course that were the most...
Identify at least two (2) concepts that were reviewed in this course that were the most beneficial to you. As a result of taking this course, determine whether or not you feel confident in preparing a personal income return as a paid tax preparer. Indicate how these two (2) new concepts of knowledge identified in the previous discussion will benefit you in your current job or future career / endeavors
Explain the concept of time value of money, including compounding and discounting. Consider how time value...
Explain the concept of time value of money, including compounding and discounting. Consider how time value of money applies to your personal life by addressing the following: Describe at least one specific personal situation in the past where the use of time value of money concepts would have helped you make a better decision. Explain how time value of money applies to this situation. Describe at least one specific personal situation that you expect to encounter in the future where...
Describe the economic burden of alcohol use and why it is problematic. Include at least three...
Describe the economic burden of alcohol use and why it is problematic. Include at least three concepts covered in the readings and how they apply to economic burden. Include information from the perspective of someone impacted by alcohol use burden?
. Describe the importance of financial planning as it relates to your personal life - both...
. Describe the importance of financial planning as it relates to your personal life - both present and future. Discuss your values and how they relate to your financial success. Finally, provide an example of a short-term financial goal, a intermediate financial goal, and a long-term financial goal for your personal financial plan.
Economic Geography Please identify one personal experience that relates to the topics. The experience can be...
Economic Geography Please identify one personal experience that relates to the topics. The experience can be a personal anecdote or a wide-ranging reflection on one or two concepts from the course that you found especially compelling or that you connected with for a personal reason. Please share this experience or concept and why it is meaningful to you. 350-400 words The topics that you will use for the experience are: -Uneven development and post-industrial Landscapes -How financial markets are linked...
Identify at least 3 problems, frustrations, or unmet needs that you have encountered in your personal...
Identify at least 3 problems, frustrations, or unmet needs that you have encountered in your personal life, through a work experience or in school. For each problem you identify, answer the following questions. Describe the problem, frustration, or unmet need. Why is the solution to this problem important to you? Do other people have this problem? How are they currently solving the problem? How might you offer a better solution?
Provide an example of an asset and a liability from your everyday life. Explain what makes...
Provide an example of an asset and a liability from your everyday life. Explain what makes one an asset and the other a liability. How does each affect your equity? Now imagine that you own your own business. How might your transactions impact your company’s assets, liabilities, and owner’s equity? Why do you think it is important to analyze personal and business transactions?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT