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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:
Absolute and comparative advantage: Explain how these concepts describe the benefits and costs of international trade.
"Invisible hand": What is it and how does it affect the decision-making process in our economic system?
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.
The Production Possibilities model: Provide an example and include a summary of what the model is illustrating and the economic implications for the economy.
Explain the differences between the two and why economics is divided into these two subdivisions.
The functional finance approach to budget deficits would set the federal budget to promote an economy operating at potential output. What problems would you expect if the country were to employ this kind of budgetary philosophy
Jason Kidwell is able to purchase Toys'n Things, for $2.2 million. Jason estimates that after initiating his changes in the company's operations the firm's cost of goods sold are 55 percent
A question facing many U.S. states is whether to allow casino gambling. States with casino gambling have seen a substantial increase in tax revenue flowing to state government. This revenue can be
Over the years, Janjigian Company stockholders have provided $15,250 of capital, part when they bought new issues of stock and part when they allowed management to retain some of the company's earnings.
How do you explain and predict hospital behaviors if using the utility-maximizing
Assume the station plans to give away the videos. How many dvds should it order. From which supplier.
Describe the effects of monetary policies on the economy's production and employment.
In what kind of economy is a central planning board or commission typically used to answer the basic economic questions?
Utilizing the company Bausch & Lomb, list at least four conditions that would change the Production Possibility Curve.
In the money market, money supply is determined by the central bank, such as the Fed in the U.S. Because of this, money supply curve is usually vertical in the short run, while the money demand curve is downward sloping.
Elucidate economists use two major approaches to estimate incremental environmental costs. Which in your view likely produces the most reliable estimates.
How might (a) U.S. pharmaceutical companies and (b) U.S. consumers benefit from the rise of the Indian pharmaceutical industry and who might have lost out as a result of the recent rise of the Indian pharmaceutical industry?
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