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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.
You plan a major adventure trip for the summer. You won’t be able to take your usual summer job that pays $6,000, and you won’t be able to live at home for free.
question 1 suppose the nation of alphonia was charged with dumping electric lawnmowers in the nation of omegalon. the
Calculate what happens to the income of workers and orchard owners if the world price of apples doubles to $4. Ectenia has 200 workers who supply their?
Conduct a cost-benefit analysis of obtaining a graduate degree. Assess both the short-term and the long-term costs and benefits to determine why some people obtain the extra education while others do not.
Two of the major macroeconomic measures that tell us how 'healthy' the economy is are "the unemployment Rate" and "the rate of Inflation". How do they matter to you as an individual who is part of this economic system
If an effort to “maintain national security” government demands the wheat growers in America to produce Qs=16million pounds per year. The market can be expressed as P=120-3Qd and P=5Qs. What is the result of the government’s actions?
n a competitive market place (pure competition) is it possible to continually sell your product at a price above the average cost of production.
Discuss and explain the major barriers to entry into a industry. Describe how each barrier can foster monopoly or oligopoly.
Many companies are using computer mediated communication for training and updating their employees. They must choose the most effective and efficient manner of communication. Effective and efficient may be defined as achieving
What are the differences among horizontal, vertical, and conglomerate mergers?
what happens in the market for oil and what happens in the market for sports utility vehicles as a result of the war.
In the United States real estate brokerage industry, brokers employed by large brokerage companies have traditionally worked for a portion of the commissions they generate.
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