A New House Discuss which principles of economics directly relate to your purchasing decision Custom Essay

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Imagine that you are renting a studio apartment and have just discovered you are having a baby. Your present apartment is small and far away from schools and local services. You have decided to move. You are planning on doing research before you decide whether to purchase a home. Purchasing a new home requires a substantial financial outlay and making the wrong decision has long-term financial consequences.

? Discuss which principles of economics directly relate to your purchasing decision.

? Compare the marginal benefits and the marginal costs associated with your purchasing decision.

? Explain how the strength of the economy as a whole affected the marginal benefits and the marginal costs associated with that decision.

? Consider the roles of the domestic economy and international trade in your assessment of the strength of the economy.

? Determine what situations or conditions could have led you to make a different decision.

Assume for this project that purchasing a new home is a major decision requiring a substantial financial outlay where the wrong decision has long-term financial consequences.

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