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How does this issue affect households and local residents

Assignment Help Microeconomics
Reference no: EM13921814

Economic RelationshipsSteps

This activity has three parts. Make sure you read on for details to complete them all!

Part One: Choose

Identify an economic issue that is important in your community. You may choose to talk to your instructors and members of your family. View a list of economic policy topics you may choose to consider.

Part Two: Research

Learn more about how this issue affects your community. You may choose to contact a local leader such as a member of your city or county council or representative from an a related citizen interest group. Consult an online phone book or community website for contact information. Use the Research Chart to document your data, take notes, and track your sources of information.

Part Three: Construct

Construct a circular-flow diagram for a business or industry in your community. Diagram the flow of goods, services, and money from your chosen industry to the various sectors of the local and world economy. For example, a factory in your community creates jobs and products. The income to the households creates spending in the economy as people consume products, invest, and pay taxes to the government.

Use the Research Chart to document how this business or industry's activities affect the various sectors of the local and world economy.
Submit both the diagram and the chart in assessment 6.01.

Use the chart below to guide your research. Answer the questions presented for the issue you have chosen. Be sure to take notes, including the sources of information.

Subject

Guiding Questions

Your Responses

Define the situation or problem

1.    Explain how the issue you have chosen affects your community. Be sure to include impacts you perceive to be both positive and negative.

2.    What do members of your family and community say about the issue?

 

Construct a circular-flow diagram that incorporates effects of your chosen issue on economic products and various sectors of the economy. 
Based on your diagram, answer the following questions including positive and negative effects on each economic sector.

1.    How does this issue affect households and local residents?

2.    How does this issue affect area businesses?

3.    How does this issue affect our government at the local, state, and national levels?

4.    How does this issue affect the rest of the world?

5.    How does the issue affect resources, goods and services, and finances?

Reference no: EM13921814

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