02 Jun Ashford Eco203 all discussions
Question
Ashford Eco203 all discussions
Economics Systems
Discuss how your college education could be considered an investment in human capital. What is the opportunity cost of your degree?
Reference: Chapter 1, section 1.1: Economics and Chapter 2, section 2.1: Limited Resources.
Guided Response: Review and respond to at least two of your classmates’ posts by replying to their posts on how a college education contributes to human capital and the opportunity cost of a degree. Be sure to refer to concepts found in the reading when responding to your classmates.
Role of Government
Economics is the study of how society chooses to allocate its scarce productive resources (labor, capital, land, entrepreneurial talent).
In a mixed economy, elements of both central planning and market allocation of resources are used in allocating productive resources. The United States economy is a mixed economy, with a bias towards market allocation of resources. This means most resources are allocated in the private sector by way of markets.
Discuss whether you favor a larger or smaller role of government in the economy. Refer to concepts found in the reading to support your opinion.
Reference: Chapter 2: Markets, Governments, and Nations: The Organization of Economic Activity
Guided Response: Review and respond to at least two of your classmates’ by stating why you agree or disagree which economic activities the government is more efficient at providing, and which economic activities the private sector is more efficient at providing.
Week 2
The Current State of the Economy and Unemployment
Imagine a scenario where there is a decline in aggregate demand. Identify which part of the business cycle is part of a decline in aggregate demand. Gross Domestic Product (GDP) measures the amount of new production. A change in the amount of new production affects employment. Describe what would happen to GDP, the unemployment rate and the inflation rate if there is a decline in aggregate demand.
Reference: Chapter 6, section 6.3: Aggregate Equilibrium and Changes in Equilibrium.
Guided Response: Review and respond to at least two of your classmates’ posts by discussing this question in terms of how a decrease in aggregate demand impacts GDP, and why the change in GDP affects unemployment.
Who Benefits and Who Loses from Inflation?
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