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ECO 100 Week 1 Discussion Post

This week, we jump right in and talk about markets. You probably have a sense of what a market is, but what about economics? Watch this short video that highlights the Ten Principles, which are the core of economics.

  1. Watch this video on Mankiw's 10 Principles
  2. What is (are) one (or two) principle(s) or topic(s) about economics that you want to learn more about and why?

Choose one of the following to discuss:

  1. Find information online about the price of homes in your community. Are they going up, staying the same, or going down, and why? Is the demand for housing elastic, unitary elastic, or inelastic?
  2. Automobile sales have been slower than in the past, with many companies offering rebates, discounts, and low financing. Find information online about why companies are lowering prices. Is the demand for automobiles elastic, unitary elastic, or inelastic?

 

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After going through the video and the infographics, I learned a lot about basics of trade among countries, industries, markets, etc. I am sensing the importance of the knowledge of economics from the perspective of a citizen. The Mankiw’s 10 principles were very broad in scope. I would like to

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