Edmonds Community College Microeconomic Theory Discussion

Anonymous

Question Description

Purpose: As we've discussed already in the class, microeconomic theory presents one way of experiencing the world and interpreting human behavior. But economic theory isn't limited to what's presented in the book, or even in the supplemental reading I've provided. One of the goals of this class is to learn to assess and synthesize conflicting viewpoints. Thinking reflectively about your own values and how they might, or might not, articulate with the market presents a starting point for understanding how different views may result in different, and possibly conflicting, interpretations of theory. In other words, what makes sense and is rational to me might not be rational to you.

The assignment

This assignment has a few parts as is designed to continue our previous work thinking about values and economic markets. I'm curious to see what you think about the role of values in the market. For this assignment think of "the market" as the economic sphere where goods and services are offered for sale. 

Part 1: Identifying your key values

  • What values are most important to you and why? Please explain in a few paragraphs.
  • Can you think of 1-2 examples of choices you've made, or actions you have undertaken that represent these personal key values?

Part 2: Values and the market (2-3 paragraphs)

  • Where do economic values fit into our microeconomic model? In individual behavior? In the goods and services offered for sale, or excluded from sale?
  • Do you think of "the market" as free from personal values, or do you think it incorporates individual, cultural, and/or societal values?
  • Whose values are represented in the market? Everyone's? Most people's? A minority of the population? etc. 

Part 3: Your values and the market (2-3 paragraphs)

  • Are your values well represented by the market? 
  • Are any of your core values left out of the market? 
  • How could we better incorporate values in the market? Should we?

You'll note that values don't really come up much in the textbook, however values are an important aspect of economic choice models. Because we are always making choices, we are always picking one option over another. Basic economic theory assumes price is the determining factor, which makes sense given that basic theory also assumes self-interest. However, we may also make non-price choices and other values may influence those decisions. In order to think critically about economic theory, it's worthwhile to explore your own values and see where they fit into the economy as we know it. It's also worthwhile to think about how we could improve the market. Values might, or might not, be part of that.

Tutor Answer

EngDuke1993
School: Boston College

Attached.

THINKING MORE ABOUT VALUES, OUTLINE:
This paper is divided as follows:


Introduction



Identifying Key Values

These are values are most important to you and why. Also, examples of choices I've made that
represent these personal key values


Values and the Market

This part discusses where economic values fit into our microeconomic model and whether "the
market" is free from personal values, or it incorporates individual, cultural, and/or societal
values. Also, whose values are represented in the market.



My Values and the Market

This part discusses my values are well represented by the market, if any of my core values are
left out of the market, and ways to better incorporate values in the market.


References


Running head: MICROECONOMIC THEORY: THINKING MORE ABOUT VALUES

MICROECONOMIC THEORY: THINKING MORE ABOUT VALUES
Name:
Institution affiliation:
Date:

1

MICROECONOMIC THEORY: THINKING MORE ABOUT VALUES

2

MICROECONOMIC THEORY: THINKING MORE ABOUT VALUES
Values are the functional and emotional benefits customers expect to derive from an
organization’s offering of products and services (Doligalski, Zaborek & Romańczuk, 2015). Values

determine the usefulness of a product or service in the mind of a consumer. Different individuals,
groups, and societies have different values they consider important. As a result, people have
varying expectations from mark...

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