FIRST POST
The decision to take this course over any other course offered essentially involved making choices. The need to make a choice is informed by the realization that while it might be desirable to undertake more than one activity, the available resources may be limited and can only allow one to undertake a single activity -in this case this course in the university.
The decision to undertake the course over any other activity such as being engaged in employment, which happened to be the second best choice, was informed by an evaluation of marginal costs and benefits. The marginal benefit of employment at the present as opposed to undertaking this course is high; however, the rate of diminishing marginal returns is higher for an individual without a university degree as opposed to an individual with one (Feldman, 2009). Therefore, undertaking this course provides an element of delayed gratification.
For undertaking the course to be economical, its marginal cost should in the long run reach a point where economies of scale are possible; that is, every additional dollar spent on tuition fees will yield a greater marginal benefit in the future after getting employment with a higher income as opposed to the relatively lower income to be earned presently in the event that employment was chosen over this course.
Economics is essentially concerned with the problem of scarcity amidst unlimited wants (Arthur & Sheffrin, 2003). By applying concepts of economics in determining the best choice between taking employment and undertaking the course, it became possible to reach a conclusion. This is especially the case considering that economics imparts the knowledge that the action of an economic agent today might not necessarily imply an economic benefit today, but such a benefit may be multiplied in the future (Mankiw, 2014).
SECOND POST
The primary means in which the government plays a role in the economy is through regulation. The fact that the role of regulation occurs with minimal input from players in the market (buyers and sellers) means that it creates an element of uncertainty, which undermines economic growth in the long run. This is because economic agents cannot institute long-term plans in such an environment.
References
Arthur, S & Sheffrin, S. (2003). Economics: Principles in action. Upper Saddle River, New
Jersey. Pearson Prentice Hall
Feldman, D (2009). How broadly does education contribute to job performance? Personnel
Psychology 62 (1), 89-134
Mankiw, G (2014). Principles of Economics. Boston, Massachusetts. Cengage Learning
