ASSIGNMENT: Your mid-term assignment is to reflect on your life and identify an experience where you confronted one of these principles. I am seeking a short essay where you can share the details of the experience, the principle, the lessons learned, and so on.
DETAILED INSTRUCTIONS:
1. The student is to write a short essay about their experience with one of the 7 core principles of macro-economics provided above. The essay is to be no less than 2 full pages and no more than 4 full pages in length. Standard fonts and margins are to be observed.
2. The contents of the essay should address the following elements:
a. Description of the unique economic event or incident. Remember, provide me sufficient color and description so I can understand how and whether you truly experienced an economic event. For example, brief statements indicating that you received a bribe (i.e., an incentive) from your parents to attend a dreaded family function WILL NOT satisfy these requirements.
Your understanding of the selected core economic principle
. You may quote the definition of the principle provided in the textbook (with proper attribution), but I am looking for your explanation of the principle as well. Show me whether you understand the principle by explaining it in your terms. Make sure you use economic terms in your writing. While all of you are capable of sharing
a. economic theories and opinions with me, I am really interested in your mastery of one of these core principles.
b. Explain how the core principle selected applies to the event or incident. This requires some reflection and thought. Sometimes it requires you to de-construct the principle and event and illustrate how the principle played out and came alive in the event.
c. With the advantage of hindsight and greater economic understanding, indicate what lessons you have learned about that event or incident. In addition, if that event or incident should occur to you again, what would you do the same thing? Different? Why or why not?
2. While this assignment is to be done at home, it is meant to be done ALONE. YOUR WORK ONLY, PLEASE. EVIDENCE OF COLLABORATION, PLAGIARISM AND OUTSIDE HELP AND DIRECTION WILL BE DISCUSSED WITH THE APPROPRIATE PARTIES AND DEALT WITH ACCORDINGLY. Recent research indicates that even twins experience life from different perspectives and attitudes. Thus, it is my expectation that no two essays could ever be largely the same.
