- Establish basic information:
- Identify a local issueIssues to choose from: Animal rights, censorship, Water quality, Disaster preparedness, Food scarcity, Infrastructure, Minimum wage, Local business growth, Education funding
- Identify a potential legal solution for the issue. It may be a new law, a change to an existing regulation, or a new idea.
- Apply predictive thinking. Respond to each of the following questions in at least one complete paragraph:
- What group of people would be most affected by this legal solution? For example, this might be business owners, people in a certain occupation, age group, neighborhood, etc.
- Why might this group of people resist complying with the new law or regulation? Consider the financial costs or other short- and long-term costs this group may bear.
- How might local government address these reasons for resistance in a positive way, to incentivize compliance? For example, perhaps there could be some sort of compensation for any financial costs incurred.
- What consequence for violations would be necessary to incentivize this group to comply with the regulation? For example, a fine would have to be high enough to deter violators but not so high that the legal system would refuse to enforce it.
- Evaluate the legal solution. Having applied predictive analysis, would you support this legal solution in your community? Explain why or why not in a complete paragraph.
Consider how an economic model can be viewed as a simplified description of reality, designed to yield hypotheses about economic behavior that can be
Consider how an economic model can be viewed as a simplified description of reality, designed to yield hypotheses about economic behavior that can be tested. In essence, a simulation. Hence, one important element of an economic model is that it is necessarily subjective in design because there are no objective