Reference no: EM131227599
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.
Microeconomics and macroeconomics: Explain the differences between the two and why economics is divided into these two subdivisions.
Deliverables:
Prepare a 5-10 page Microsoft Word document that addresses the above-noted concerns and meets APA standards.
Include a summary section in your report that contains 5-7 bullet points identifying your major findings or conclusions of your paper.
Submit this report (as an attachment) as your initial post in the W1: Assignment 2 Discussion Area by Saturday, October 1, 2016.
For the convenience of your classmates, post your summary 5-7 bullet points in the dialogue box of the discussion area along with the attachment (full report).
By the end of the week, comment on at least two other presentations and identify the strengths and weaknesses of each.
|
What are some long-term effects of deficit spending
: (Crowding Out and Capital Formation) In earlier chapters, we've seen that the government can increase GDP in the short run by running a budget deficit. What are some long-term effects of deficit spending?
|
|
Why has japan been an exception to the trend
: (The Private Sector) Look at Exhibit 4. How have government outlays as a percent of GDP changed in the industrial countries depicted between 1994 and 2004? Why has Japan been an exception to the trend?
|
|
Did quantitative easing help economy since great recession
: Did Quantitative Easing help the economy since the Great Recession? Summarize two newspaper articles on Monetary Policy. Find two newspaper articles published in well-known newspapers or magazines (NYT, WSJ, Economist, Bloomberg Businessweek etc).
|
|
What is the new level of gross national debt
: If GDP increases by 6 percent in the same year as the deficit is run, what happens to gross debt as a percentage of GDP? What happens to the level of debt held by the public as a percentage of GDP?
|
|
What it and how does it affect the decision-making process
: The Production Possibilities model: Provide an example and include a summary of what the model is illustrating and the economic implications for the economy. Microeconomics and macroeconomics: Explain the differences between the two and why econo..
|
|
Were you successful in balancing the budget
: (Federal Budget Deficits)Try your hand at balancing the federal budget by trying the National Budget Simulation at UC Berkeley's Center for Community Economic Research at http://www.budgetsim.org/nbs/.
|
|
Explain the current monetary and fiscal policies in the us
: Describe the current monetary and fiscal policies in the United States. Consider including how these policies affect your company and its products and services.
|
|
Obama first-year spending stimulus
: If consumers had an MPC of 0.90. By how much would aggregate demand have eventually increased with Obama's first-year spending stimulus of 787 billion dollars assuming the stimulus was entirely government spending?
|
|
How is marginal analysis used in price and output decisions
: How is marginal analysis used in the price and output decisions of firms in the various market structures?
|