Deciding to buy a house is a lifelong goal for many people. Imagine that you are renting a studio apartment and have just discovered you are having a baby. Your present apartment is small and far from schools and local services. You have decided to move. There are many factors that come into play when making such a large and weighty purchase. This CheckPoint is designed to have you examine the decision-making process from the perspective of an economist. In your Final Project, you use these principles and other factors to make a final decision whether to buy a house.
· Resource: Ch. 1 in Principles of Economics
· Due Date: Day 5 [post to the Individual forum]
· Consider the 10 Principles of Economics as outlined in Ch. 1 of Principles of Economics.
· Assume for this CheckPoint that purchasing a new home would be a major decision requiring a substantial financial outlay where the wrong decision would have long-term financial consequences.
· Submit a 250- to 300-word response addressing the following points:
o Which of the 10 principles do you think plays a major role in your decision?
o Provide an example for each about decision making, interaction, and the workings of the economy. Explain how that would influence the marginal benefits and marginal costs associated with the decision to purchase a house.
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