Rationality.

Discuss each of the three possible meanings, where they came from, and their purpose. What are the criticisms and what is the evolution of the economic meaning? You must discuss the components of each variant and place them in the context of economic analysis and prediction. There may be no predictive purpose in which you should state so

Transactions costs. Discuss the definition and economic meaning of this topic. What are the components of transactions costs? Then choose one of the three examples—contractual opportunism, principal-agent issues, or information asymmetries. Describe your choice and discuss the elements and consequences of it. Then provide a real-world example of a situation where you would observe your chosen transactions cost.

Behavioral economics. Define the term and discuss how and why it evolved. Discuss the elements and consequences of this school of thought. Then choose one of the bullet points that shows an example. Explain it and provide a real-world example.

 

Sample Solution

Despite the high ability of vaccines to protect people from dangerous diseases, or significantly reducing the morbidity cases of certain diseases, some society are now starting to focus on its risks. The focus on immunizations risks has been fueled by misconceptions existing in the community and a just a few cases that resulted to allergic reactions. This paper is going to discuss the benefits and risks associated with vaccination.
According to WHO, vaccination involves introduction of weakened or dead microorganisms, which bear a resemblance to a disease causing agent. Their similarity causes an immune response that protects the body against future attacks. Some of the benefits of immunization include; saving lives, protecting the public against some highly contagious diseases and also protects the vulnerable groups against diseases. On the other hand, vaccines have been associated with mild risks such as allergy reactions associated with fever, headaches, dizziness and lethargy. In a very few cases, vaccination has been linked to serious health outcomes such as autism and even death.
Immunizations have proved to be one of the most effective strategies used by public health as interventions to curb spread of diseases, prevent deaths and complications from certain infections. The success of vaccinating people can be seen through a reduction in morbidity and mortality of certain diseases in our societies. For instance, through use of DTaP Vaccine since 1985, the number of cases has significantly reduced. Additionally, when there is an outbreak of a specific disease, public health still use vaccination to protect the higher number of populations from infections. Even though the disease that people are vaccinated against may still occur at some point in a life time, vaccinations greatly reduce complications likely to be caused by a certain disease (WHO, 2018) Therefore, more lives are saved, and a society’s resources are saved. For example, money and resources meant to cure the diseases are directed to other economic projects.
Vaccinations help in protecting the vulnerable groups against diseases. For example, it focuses on small children, pregnant and lactating women and the elderly. Due to a compromised / low immunity of these special groups, they can easily get infections from the environment. Hence, it is important for them to obtain vaccinations so as to protect them from getting infections such as Influenza, rotavirus and many more infectious diseases. For example, rotavirus vaccine greatly helps in reduction of

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