Microeconomics

Before completing this graded discussion. You should have a full understanding of the concepts below, if you don’t please use the textbook and review them first.

• Opportunity Cost, Scarcity, Production Efficiency, Allocative Efficiency, Incentives, Demand, Supply, Market Failures, Business Regulation, Business Taxes

Instructions and Steps:

1. View the following TED Talk (video presentation). As you watch the video, take notes of any relevant information.

• The power of the informal economy | Robert Neuwirth

2. Answer the following question;

• Business regulation can be described as laws that control the ways that a business can operate, they are often put in place to correct market failures, to ensure consumers are buying safe products and to make certain that business pay taxes. Informal business, which is part of the informal economy is business that operates outside of business regulation. Based on what you read in chapter 4, and the information from this TED Talk, are you for or against the informal economy? Explain why. 

3. Produce a Post of at least 300 words in which you explain your position. Your post must contain at least the following elements:

• It must state your stance to the question posted
• It must state the reason why
  • Your reason must be explicitly connected to one of the concepts listed above, which means that must use at least of the concepts in your explanation
• It must use information, or data from the TED Talk to support your argument.

Your grade will be based on how clear, precise, accurate, relevant and logical your post is and if it was turned in on time. Things such as the name of the video, the name of the presenter, your name, the questions, citation, and date do not count towards the word count.