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Question: The topic is this: Economics is often over looked by Christians and is largely missing from most world view discussions. The reasons for this are probably varied but come down to s simple fact that few study economics and fewer are comfortable discussing the topic or truly understand it. Also economics, business and commercial life in general have been and still are viewed as unseemly and even dirty by many church leaders for centuries.
Pick a topic or an issue and explain how economics has informed and changed/completed your understanding and view of that topic. Examples may include the economic understanding of "Thou shall not steal", how economic understanding improves stewardship, a better response to poverty, the value of the law to economic development, the application of 1 Samuel 8 to modern government, etc. This is far from a comprehensive list and the blogs and websites of the Acton Institute and the Institute for Faith, Work and Economics may provide many more ideas. You are free and encouraged to approach this in what ever creative way* you want but it must contain the following points:
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
The Australian government administers two programs that affect the market for cigarettes
How many tickets to sell to maximize total welfare.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
Depict the von Neumann-Morgenstern utility index u in a diagram
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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