04 Jun Question week 1 “What Is Economics and Principles of Economics” Please respond to the following:
Question
week 1
“What Is Economics and Principles of Economics” Please respond to the following:
Identify a recent purchase that you made and determine how scarcity influenced your purchase decision.
Explain two (2) ways in which you applied the use of marginal cost and benefit to your decision to pursue a college degree.
week 2
“Demand and Supply and Elasticity” Please respond to the following:
Discuss one (1) recent price change that you have noticed while visiting your local supermarket. Determine whether or not the price change that you identified was a result of a change in either supply or demand.
Identify two (2) elastic and two (2) inelastic goods that you have purchased in the last month and explain the main reason why you identified them as such.
WEEK 3
“Production Costs and Perfect Competition” Please respond to the following:
You are the owner of a fast-food restaurant. Given a new item that you recently advertised, you experience additional demand for your business that you do not want to ignore. Identify your fixed and variable costs at your fast-food restaurant, and explain the changes to each of these costs, given the increased demand.
Examine a perfectly competitive firm that you have recently purchased a product from, focusing specifically on how it relates to the characteristics of the market.
WEEK 4
“Monopoly and Market Entry and Monopolistic Competition” Please respond to the following:
Identify a company in your local area that you would classify as a monopoly. Explain why you classified the company as a monopoly, and state how the company relates to at least two characteristics of that particular market.
From the e-Activity article, explain your position on whether or not Apple is stifling competition and monopolizing the tablet market. Examine the type of market structure within which Apple operates. Support your answer by relating to each of the characteristics described in Chapter 8 of your textbook.
WEEK 5
“Public Goods and Moral Hazard” Please respond to the following:
Identify a product that you have consumed in the past couple of months and explain what makes the product a public good, based on the characteristics of a public good as defined in this week’s textbook readings.
In 2020, a leading insurance company started a policy that pays policyholders a 5 percent rebate on their insurance premium in a year in which the policyholders do not file an insurance claim. For example, a household with an annual premium of $1,200 will get a $60 rebate check each year it does not file a claim. Identify what problem(s) the insurance company is trying to solve by introducing this policy.
WEEK 6
“The Labor Market and Minimum Wage and GDP and GNP” Please respond to the following:
Review the e-Activities, examine two (2) arguments one for and one against raising the minimum wage, and discuss your findings.
In view of the weak economy of the last several years, explain which of the four components of GDP had, or is having, the greatest positive impact in our economy. Use your results from the second e-Activity to support your response.
week 7
“Unemployment and Inflation” Please respond to the following:
Using the e-Activity, compare the unemployment rate in your state to the national average of the past four years. Compare the trends in relation to the types of unemployed workers in your state. Provide support for your response.
Imagine that you have a fixed 30-year interest rate for your mortgage, and the economy has experienced unanticipated inflation. Examine who the winner and loser would be. Is it the borrower or the lender in the given scenario? Provide support for your response.
week 8
Week 8 Discussion
“Aggregate Demand and Supply and Fiscal Policy” Please respond to the following:
Image that the mayor has hired you as a consultant to evaluate the increase in aggregate demand in the city where you live. Describe to the mayor one (1) aggregate demand and supply factor that would have the greatest impact on the economy of your city.
Determine what fiscal policy measure has a more direct impact to the economy, an increase in government spending or an equal decrease in taxes if consumer confidence is lower than the previous month. Explain your reasoning.
week 9
“Money and Monetary Policy and Inflation” Please respond to the following:
Given our current economic situation, determine the steps that the Federal Reserve should take to help stabilize our economy. Next, explain how each of the following variables will be affected by proposed steps that you have identified: money supply, interest rates, inflation rate, aggregate demand, and output. Provide support for your response.
From this week’s e-Activity, examine two (2) methods that the Federal Reserve can implement to support a stronger economic recovery. Provide support for each method in your response.
week 10
“Comparative Advantage and International Trade and Finance” Please respond to the following:
From the e-Activity, take two (2) positions, and explain how the trade agreement both helps and hurts the U.S. economy. Provide support for your justification in your response.
Imagine that you own a business in which the majority of revenue came from exporting products to other countries. Determine if you would support a fixed or flexible exchange rate system. Provide support for your response.
week 11
“Looking Back and Looking Ahead” Please respond to the following:
Thinking back what you have learned in this course, identify the single most important economic principle learned and explain why it was more significant than any other principle or concept.
Determine one (1) or two (2) areas discussed in this course that you see having the greatest effect on the U.S. in the next 10 years.
Assignment 2: The Fiscal and Monetary Policy and Economic Fluctuations
Due Week 9 and worth 150 points
Write a three to four (3-4) page paper in which you:
Discuss the current economic situation in the U.S. as compared to five (5) years ago. Include interest rates, inflation, and unemployment rate in your explanation.
Explain the changes in interest rates, inflation, and unemployment rates that your research yielded. Explain one reason for each of the changes in interest rates, inflation, and unemployment rates that you identified in Question 1.
Identify two (2) strategies based on fiscal and monetary policy that would encourage people to spend money in order to create economic growth.
Explain how the two (2) strategies that you identified in Question 3 could affect the unemployment, inflation, and interest rates.
Use at least three (3) quality resources in this assignment.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
Analyze imperfectly competitive markets – monopoly, monopolistic competition, and oligopoly – to understand their profit-maximizing decisions.
Explain the factors and mechanisms of growth.
Explain how governments use monetary and fiscal policy to manage the economy.
Use technology and information resources to research issues in principles of economics.
Write clearly and concisely about principles of economics using proper writing mechanics.
Grading for this assignment will be based on answer quality, logic/organization of the paper, and language and writing skills, using the following rubric found
ECO 100 WK 4 Assignment 1 – Principles of Economics
Write a two to three (2-3) page paper in which you:
1. Identify a relevant economic article from either the Strayer Library or a newspaper. The article
must deal with any course concepts covered in Weeks 1-4.
2. In the first two (2) paragraphs, identify at least four (4) key points that the article highlights.
3. In the next three to five (3-5) paragraphs, apply two (2) of the following economic concepts
(supply and demand, market structures, elasticity, and costs of production) to the key points that
you highlighted in Question 2.
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