Eco 110 paper assignment | Operations Management homework help

Assignment 1: Impact of Economics on Daily Living
Due: Week 4

Skill(s) Being Assessed: Problem Solving

  • Criteria for Success: In this assignment, you will:
  • Identify a relevant economic concept and describe how it applies to the scenario.
  • Summarize the change in expenditures between budgets.
  • Record the ways in which economic trends impacted personal income and consumer prices.
  • Explain the rationale for budget decisions made in response to economic changes.
  • Explain an additional economic trend or change from within the last year and how it has impacted your personal life and finances.

What to submit/deliverables: A completed Assignment 1 template, in Word document form.

What is the value of doing this assignment? Economic trends and events in the world have real impacts on your daily life. This could take the form of a new technology that increases the demand for workers in a certain field, the amount of economic growth for a country affecting the ability (or willingness) of employers to increase wages, or even trade decisions between two countries that cause price of some everyday goods to fluctuate.

Economic impacts require you to make decisions on how to allocate resources and effectively budget, and use critical thinking strategies to help you navigate the world of finance and economics. Throughout the previous weeks of this course, you have learned foundational economic concepts, basic personal finance considerations, and problem solving strategies. In this assignment, you will apply all of these to help a friend communicate her budgeting decisions to her family.

Your goal for this assignment is to: Build your problem solving skill by articulating how economics have real impacts on families and their budgets. You will apply decision making and critical thinking strategies to explain how economics impacts a friend’s personal budget decisions.

Steps to complete: In Week 4, submit your assignment in BlackBoard by following these steps:

STEP 1:Read the scenario in the Assignment 1 Template and preview the questions that follow.

Scenario: A friend who knows that you are learning problem solving skills and economics has come to you for advice. At the beginning of this year, rent and the price of imported food rose. At the same time, prices for domestic food dropped. The family’s income stayed the same, but because of these economic changes, they had to make changes to their yearly budget.
Your friend’s family is unhappy about the lifestyle changes that your friend has chosen. Your friend knows that you are studying personal finance and have asked you how to explain to her family what has happened to their spending. She has brought with her their family budget from last year, as well as their current budget for this year.

STEP 2: Identify one relevant economic concept that applies to the scenario and describe how it applies. (Question 1)

STEP 3: Summarize how expenditures changed between budgets. Make sure to address how expenditures changed (or did not change). (Question 2)

STEP 4: Describe the economic trends that created the need for a change in expenditures. Make connections to the economic concepts you have learned. (Question 3)

STEP 5: Explain the rationale for your friend’s budget decisions to her family. Address all changes (or non-changes) in expenditures and discuss long term effects. (Question 4)

STEP 6: Reflect on how changes in economic variables may impact your personal life and finances. (Question 5)

STEP 7: After completing all questions in the Assignment 1 Template, save your responses as a Word document titled: Your Name, ECO110_Assignment 1 Economic Impacts and upload to BlackBoard in Week 4. Make sure to also review the scoring rubric before submitting.

Assignment 1 Template: Impact of Economics on Daily Living

Scenario:A friend who knows that you are learning problem solving skills and economics has come to you for advice. They have brought their family’s budget from last year, as well as their current budget for this year. At the beginning of this year, rent and the price of imported food rose. At the same time, prices for domestic food dropped. Your friend’s family’s income stayed the same, but because of these economic changes, they had to make changes to their yearly budget. Budget 1 on the left shows how their family used to spend their income of $25,000. Budget 2 on the right reflects changes your friend made to the family’s budget based on economic changes.

Your friend’s family is unhappy about the lifestyle changes that your friend has chosen. They are having a difficult time explaining the reasons for some of the decisions they have had to made about family finances. Since they know that you are studying personal finance, they have asked you to help them come up with a way to explain to their family what has happened to their spending.

image of a budget: Budget1 - Income $25000 - Percent 100% - Expenditures - Rent - $7500 - 30% - Imported Food $1250 - - 5% - Food from the U.S. $2500 - 10% - Utilities $750 - 3% - Transportation $750 - 3% - Education - $2500 - 10% - Family Care - $2500 - 10% Savings - $7250 - 29% - Total - $25000 - 100% - Budget 2 - Income - $25000 - Percent 100% - Expenditures - Rent $8250 - 33% - Imported Food $750 - 3% - Food from the U.S. - $3000 - 12% - Utilities - $500 - 2% - Education - $2500 - 10% - Family Care - $2500 - 10% - Savings - $7000 - 28% - Total - $25000 - 100%

Answer the following questions based on the scenario and Budget 1 and 2:

1. In the first four weeks of this class you have learned about several economic concepts and how they impact daily living. Choose one economic concept from this list and explain how it is relevant to your friends’ budget situation:

Supply and demand
Scarcity
Tradeoff decisions
International trade
Opportunity cost
Compound growth

2. How did expenditures change between budgets? Which expenditures changed the most? Which expenditures changed the least? Which stayed the same?

3. What were the economic trends that created the need for your friend’s family to change their expenditures? What can you infer about the connection between prices and expenditures, based on the economic concepts you have learned?

4. Help your friend explain the rationale for their budget decisions to their family. For each expenditure change, describe why your friend made that decision and how it impacts the family overall. Also make sure to address expenditures that did not change. What are the long-term benefits/risks of these changes? Some questions you could help them answer are:

Why did your friend decide to buy less imported food, and more domestic food?
Why did your friend decide to use the furnace and air conditioning less?
Why did your friend decide to walk more?
Why did your friend not change the amount spent of education and family care?
Why did your friend decide to reduce savings, and what will the long-term effects of that be?

5. In our personal lives, we sometimes need to react to changes in our economic environment. Thinking about your own budget, describe how a change in an economic variable (such as a change in income, employment, interest rates, or prices) could impact your personal life and finances.

Please check the link for full requirement

https://blackboard.strayer.edu/bbcswebdav/institution/ECO/ECO110/200400/WEEK4/week4assignment.html

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees


We value our customers, and so ensure that our papers are 100 percent original. Our Team of professionals does not miss the mark; they ensure that step by step each paper is written uniquely. We never duplicate or work as we compare papers rest assured. We deliver our work a day before time to ensure that you don’t miss your deadlines. It is not only doing the work but delivering it at the right time. We capture the consequences of late remittances. .

Money-back guarantee

We value customer satisfaction here at popularessaywriters.com and make sure that you get the best value for your Money. It happens that sometimes you can pay twice for your order or may want to cancel it, or you feel that it doesn’t meet your requirements; our money back guarantee will give you the opportunity to get back your money. We will also refund 100% of money paid double. In case your paper does not satisfy your requirements , we request that you notify us via writing within 2 days otherwise on the third day we will assume that you have been satisfied. Do all your correspondences through our email address popularessaywriters@gmail.com.

Read more

Zero-plagiarism guarantee

At popularessaywriters.com, our professional writers know the consequence plagiarism does for our clients. We have updated software’s such as article checker and copyscape to check for originality of the custom papers before submission of the final paper to the you. Our guarantee to the customer is that we will write 100% original papers for them that are quality, timely and of low cost. We have experienced professional and competent PhD writers who will write quality custom papers for you..

Read more

Free-revision policy

. At popularessaywriters.com, we are proud to provide top-quality Essay writing service to our esteemed customers. We are ready to take up that challenging academic assignment that is giving you sleepless nights and simplify it for you according to your desired requirements. We are willing to revise your paper if it does not meet your requirements. At popularessaywriters.com, we do not compromise with quality; thus, we offer unlimited free revisions until the customer is satisfied with their custom paper. Our unlimited free revision services are provided under the following terms:.. .

Read more

Privacy policy

Popularessawriters.com knows that client’s information is an essential tool for our company. It means that whatever the client requests from our service is kept strictly confidential. It means that whoever writes for this company understands the terms and conditions hence you should not be worried because you will never see your work somewhere else...

Read more

Fair-cooperation guarantee

Rest assured that we will always be attentive to your needs and requirements. We belief in the phrase treat your neighbour as you would want them to treat you. We leave nothing to chance and always look forward to a good interaction with each other.. .

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency