In chapter 2, you learned a variety of fundamental economic concepts. Identify two of the following principles, and apply them to the real-world situations, using at least 300 words. Also, provide discussions on how biblical principles are integrated into those principles. (Due: Day 4 by 11:59pm; word count: minimum 300 words)
- People face scarcity and costly trade-offs
- People engage in rational making and marginal thinking
- People respond predictably to changes in incentives
- Specialization and trade can make everyone better off
- Markets can improve economic efficiency
- Appropriate government policies can improve market outcomes
- Government policies may help stabilize the economy
- Increasing productivity leads to economic growth
- Levels of AchievementCriteriaSuperiorAbove averageAverageBelow average
Analysis
Weight 50.00%
90 to 100 %
Developed content with a clear point of view and draws insightful and consistent conclusions defended by relevant economics concepts and theory
80 to 89 %
Developed content with a clear point of view with some gaps and draws fairly consistent conclusions defended by relevant economics concepts and theory
70 to 79 %
Developed content with an ambigous point of view with some gaps and draws consistent conclusions, but not defended by relevant economics concepts and theory
0 to 69 %
Does not develop content with a clear point of view and conclusions are inconsistent and illogical.
Organization
Weight 30.00%
90 to 100 %
The structure of content is strong and helps readers move through the text smoothly. The content contains effective transitions between paragraphs.
80 to 89 %
The structure of content has a clear organizational structure, and helps readers to understand fairly easy, but slightly lacks effective transitions between paragraphs
70 to 79 %
The structure of content is understandable, but significantly lacks effective transitions between paragraphs
0 to 69 %
The content lacks coherence, and requires readers to reread substantial portions
Words Length
Weight 20.00%
90 to 100 %
Word count is greater than 300
80 to 89 %
Word count is greater than 200, but less than 300.
70 to 79 %
Word count is greater than 100, but less than 200.
0 to 69 %
Word count is less than 100
