In Each of the Following Situations, Identify the Relevant Economic

question 22

Essay

In each of the following situations, identify the relevant economic principle and explain how it applies.
a) Larissa has lived in her own house for many years. However, rents have recently increased so much that Larissa considers moving into a smaller house and renting out her own.
b) Tashonna is a talented singer and she strongly wants to pursue an artist's career. However, she is two years short of graduating from law school. She is certain she will never be a lawyer because she does not like it and has no gift to be a lawyer. However, her family insists she finish her studies, since she has already spent so much time and money on law studies. What should she do?
c) There are a few industrial sites in town, producing essential goods and services for the residents and providing the citizens with vital jobs. However, the businesses, including an airport in the very downtown, also produce pollution, congestion, and noise. People understand the blessings of economic and civil freedoms and are pleased and proud to have productive activities in their town. They started, though, to crave for a more pleasant place to live in. What economic principle can give these people some guidance about what to do?

Discern the importance of environmental factors and personal choices in psychological success and personality development.

Understand the concept of celibacy and how it differs from other sexual orientations and practices.

Recognize the varying reasons and motivations behind marriage in different cultures, with a focus on American society.

Identify and differentiate various styles of love as categorized by sociological and psychological studies.

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Definitions:

Sultan Of Brunei

The monarch and head of state of Brunei, known for his wealth and absolute authority over the country.

University

An institution of higher education and research which grants academic degrees in various disciplines.

Football Team

A group of eleven players participating in the sport of football, organized to compete against other teams.

Stadium

A large, usually outdoor structure for sporting events and concerts, featuring seating for spectators.