{"id":35510,"date":"2022-02-23T10:28:34","date_gmt":"2022-02-23T10:28:34","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/replies-to-discussion-eco-203-principles-of-macroeconomics-ashford-university\/"},"modified":"2022-02-23T10:28:34","modified_gmt":"2022-02-23T10:28:34","slug":"replies-to-discussion-eco-203-principles-of-macroeconomics-ashford-university","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/replies-to-discussion-eco-203-principles-of-macroeconomics-ashford-university\/","title":{"rendered":"Replies to discussion | ECO 203 Principles of Macroeconomics | Ashford University"},"content":{"rendered":"
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discussion 1:<\/p>\n

Opportunity cost is the value of the second-best alternative that is passed up in place of any choice made. \u00a0More specifically, \u201ceconomists use the term to denote the full value of the best alternative that is given up, or forgone,\u201d (Amacher, 2019). \u00a0It can be something basic in terms of the value of a candy bar when passed up in favor of the choice of a Nutra-Grain bar as a snack, to more complex choices such as the example presented in this discussion.\u00a0<\/p>\n

The opportunity cost of the decision LeBron made would be equal to the value of the education passed up in place of entering the NBA draft. \u00a0Opportunity cost placed on the value of education passed up, in place of taking employment, is complex. \u00a0Assuming LeBron\u2019s second best alternative to entering the NBA draft was to attend college under a scholarship, his opportunity cost would be forfeiting the free education he might have received while attending school. \u00a0The value of that education is hard to determine. \u00a0The actual cost of education for any of the schools that offered him a scholarship would have to be considered in both the dollar amount, to include tuition and all other expenses covered under the offered scholarships, and the value of the quality of life someone gains from their education. \u00a0The specific degree plan he might have chosen to pursue while enrolled would also have to be considered. \u00a0The value of a degree in computer science versus the value perusing a liberal arts major might have some differences.<\/p>\n

I would absolutely have made the same decision LeBron made. \u00a0I would also argue anyone who wouldn\u2019t isn\u2019t being rational. \u00a0Any desired education aspirations one might have could easily be attained after just one year (let alone several) playing in the NBA under the initial contracts offered to LeBron. \u00a0He had a winning lottery ticket and he cashed in. \u00a0He can attend college any time he likes without any financial burden. \u00a0Anyone would be nuts to not follow the same route if blessed with a similar talent that offered such lucrative contracts.\u00a0<\/p>\n

Amacher, R., & Pate, J. (2019). Principles of macroeconomics<\/em><\/a> (2nd ed.). Chapter 1: Economics, Economic Methods, and Economic Policy. Retrieved from https:\/\/content.ashford.edu\/<\/p>\n

discussion 2<\/p>\n

Define the opportunity cost in your words:
What is the opportunity cost?
According to our readings, \u201cEvery decision to produce or consume something means sacrificing the production or consumption of something else\u201d (Amarcher, 2019). With this being said, opportunity cost is in my understanding is taking a loss over another choice that you would will be missing. \u00a0I will use my sister-in-law\u2019s situation for example. \u00a0I believe my SIL has sacrificed most of her 20\u2019s (she will be 30 this year) and has been completely devoted to studying non-stop all those years to finally obtain her PHD. \u00a0Although she has finally reached her educational goal, she has missed countless days not being able to give her twin babies the motherly quality time babies need from their mother. \u00a0The twins are one year old this month, she has grasped her goal and now she is able to get a bit more time in with her babies and provide for her entire family as well financially. \u00a0She will also be opening up her own counseling practice. \u00a0Her sacrifice has positively paid off now for her and her family that counts on her.
\u00a0<\/p>\n

What was the opportunity cost for LeBron James when he determined to directly enter the NBA?
LeBron James\u2019s opportunity cost was certainly not a bad choice. \u00a0LeBron\u2019s choice was made by another opportunity cost to turn down the 5.8 mil that fourth year to begin his college education. LeBron is now in the place to be able to purse his college pathway without having the need to worry about financial burdens.<\/p>\n

Would you have skipped college if your opportunity cost had been that high? Explain:
LeBron\u2019s opportunity cost was a wise one in my opinion. \u00a0Mr. James yielded entering into college at the beginning that leads instant financial security and success. \u00a0Years passed and LeBron James made another positive choice to pick back up where he once planned to accomplish, which was to start on his college education. \u00a0He is a smart man and his life choices have brought him great success thus far. \u00a0I would not have avoided college (young or old) because I know I want to be knowledgeable in the things I am not aware of. \u00a0I hunger to be as knowledgeable as possible for the sake of my children and to teach them college is a pathway to success. \u00a0\u00a0
\u00a0<\/p>\n

Resources:
Amacher, R., & Pate, J. (2019). Principles of macroeconomics (2nd ed.). Retrieved from https:\/\/content.ashford.edu\/ (Links to an external site.)Links to an external site.<\/a><\/p>\n

discussion 3:<\/p>\n

There are four economic systems listed in our text book. \u00a0Traditional, command, market, and mixed economies are each defined. \u00a0A traditional economy resolves economic issues by using the answers to solutions used in the past (Amacher, 2019). \u00a0These economies tend not to be sophisticated (Amacher, 2019). \u00a0Command economies address economic issues through a central planning authority that makes all decisions regarding what and how to produce or serve (Amacher, 2019). \u00a0A classic example of a command economy would be the former USSR. \u00a0Market economies rely on incentives and self-interest behavior of the people within the society to determine production through market exchanges (Amacher, 2019). \u00a0Finally, the mixed economy is a blend of any of the listed categories with most basic decisions favoring the market economy, but having some government (or command) involvement (Amacher, 2019).\u00a0<\/p>\n

The U.S. is a mixed economic system leaning mostly towards the market economy with elements of command economic systems blended in. \u00a0The U.S. government factors in to the economic system in many areas through its direct and indirect involvement. \u00a0\u00a0One direct function the U.S. government provides is defense, which affects the economy through its massive budget. \u00a0Other direct ways the government impacts the economy are utilized through redistribution of funds in the form of taxation.\u00a0<\/p>\n

Indirect government functions are numerous. \u00a0Providing funding for education, infrastructure, agriculture, and medical insurance are just a few examples. \u00a0There are many more every-day areas affected by the government through law and regulatory bodies that would simply be too numerous to list.\u00a0<\/p>\n

The U.S. government\u2019s economic role is critical to the overall economy. \u00a0Without government involvement and influence, our economy, and society as a whole, would be in chaos. \u00a0Police & fire protection, suitable roads to travel on, safe airways, regulated banking and trade, financial assistance to the elderly or disabled, and not to mention, safe food to eat and water to drink, would all be questionable if not for government economic intervention.\u00a0<\/p>\n

The appropriate level of the government\u2019s involvement in our economy can, and will be, argued far past any of our time in this life. \u00a0Every aspect, of every economic platform is affected by government in some way. \u00a0For the most part, those effects are positive towards our society. \u00a0I feel the opinion of someone towards the level of government economic involvement is proportional to the level of affluence they might enjoy. \u00a0Simply put, the rich mostly advocate for as little government involvement as possible and the poor will argue (or should be arguing) more is needed. \u00a0This idea all boils down to how independent you might be and that independence mostly hinders on how wealthy you are.\u00a0<\/p>\n

Amacher, R., & Pate, J. (2019). Principles of macroeconomics<\/em><\/a> (2nd ed.). Chapter 2: Markets, Governments, and Nations: The Organization of Economic Activity. Retrieved from https:\/\/content.ashford.edu\/<\/p>\n

\u00a0\u00a0\u00a0Reply\u00a0<\/a><\/p>\n

Discussion 4:<\/p>\n

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