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Your son is graduating from high school and is about to enter the work force. He has developed a strong curiosity about our economic system and how it works. Because you have a good understanding of basic economics, he has asked you to explain several concepts that are essential to an understanding of how the economy works. Your son has asked you to explain the following concepts and ideas:
1. Absolute and comparative advantage: Explain how these concepts describe the benefits and costs of international trade.
2. "Invisible hand": What is it and how does it affect the decision-making process in our economic system?
3. Circular flow diagram: Include the government sector in your explanation, a description of the roles that each participant plays in the economy, and how the different sectors interact in the markets.
4. The Production Possibilities model: Provide an example and include a summary of what the model is illustrating and the economic implications for the economy.
5. Microeconomics and macroeconomics: Explain the differences between the two and why economics is divided into these two subdivisions.
if the elasticity of aggregate cigarette demand with respect to advertising were 0.15 by extrapolation what is the
Proponents of the rebate-for-all assert that more of lower- and middle-income households should be included in any rebate plan because they are more likely to spend a bigger chunk of their rebate than higher-income households
Between 1968 and 1980, the US economy experienced a slowdown inproductivity growth. However, since the mid 1980s, the economy hasexperienced increases in the growth rate in productivity.
Jan van der Schmidt was the organizer of a successful chain of restaurants located at Europe. He died unexpectedly at the ages of fifty-five.
for each of the following situations use the is-lm-fx model to illustrate the effects of the shock and the policy
Refer to the Real Estate data, which reports information on homes sold in the Goodyear, Arizona, and area during the last year. Prepare a report on the selling prices of the homes. a.) Around what values do the data tend to cluster
Does the fact that there are no "runs on banks" mean that all banks in the U.S. are fiscially sound How do banks "create" money, how does the Federal Reserve Bank control this process and how well is this process operating in today's economy
Evaluate and compare the "vertical restraints" of the two industries / sectors for the purposes of assessing the consequences of these provisions for strategic decision making.
what are the extreme liberal embedded liberal economic nationalist and marxist view on the international monetary fund
Determine the advantages or disadvantages of buying imports versus buying domestic products in relation to fashion industry.
Critically evaluate the rules and institutions of the Bretton Woods system. What lessons do these features provide for Economic and Monetary Union policymakers?
In late 2006 and early 2007, orange crops in Florida were smaller than expected, and the crop in California was put in a deep freeze by an Arctic cold front. As a result, the production of oranges was severely reduced. In addition, in early 2007, ..
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