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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. Microeconomics and macroeconomics: Explain the differences between the two and why economics is divided into these two subdivisions.
Provide an argument for or against trade. Explain your reasons. What should government do to support your argument.
Suppose that consumption schedule for a private open economy is such that consumption C=50+0.8Y. Suppose further that planned investment Ig and net exports Xn are independent of the level of real GDP
"When a cold snap hits Florida, the price of orange juice rises in supermarkets throughout the country." b. (When the weather turns warm in New England every summer, the price of hotel rooms in Caribbean resorts plummets." c. "When a war breaks ou..
Assume nominal GDP in 1999 was $200 billion, and in 2001, it was $270 billion. The general price index in 1999 was 100 and in 2001 it was 150. In 1999 and 2001, real GDP rose by what percent?
Construct a graph showing supply and demand in the electronic dog feeder market and how are the laws of supply and demand illustrated in this graph? Explain your answers.
Elucidate how education, research and development, and technology affect productivity.
Discuss how your answer relates to the income and substitution effects of a price change from Knoxville food prices to Berkeley food prices.
Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.
Explain the method that you would use in your establishment also explain why you have made this decision.
Elucidate action in the open market would the Fed have to take to prevent bank reserves from falling.
Application of Nash Equilibrium and Game Theory with examples
Illustrate what does the concept of opportunity cost indicate. Consider how the production of one good affects the possible production level of other goods.
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