Question Description
Post 8 posts in 75 word count; or respond to other peers post 3 post must be made on Friday, 3 on Saturday and 2 on Sunday.
Economics, Ch. 1: Limit, Alternatives, and Choices
Read pages 5-12 and 15-23 of Economics.
Consider the following as you read:
- What is an opportunity cost and how does the idea relate to the definition of economics?
- What are the differences between macroeconomics and microeconomics?
- What are unemployment and inflation and how do these concepts relate to economic growth?
Economics, Ch. 2: The Market System and Circular Flow
Read pages 43-45 of Economics.
Consider the following as you read:
- What are the main characteristics of the market system?
- How does the market system answer the five fundamental questions?
- What are the mechanics of the circular flow model?
Economics, Ch. 3: Demand, Supply, and Market Equilibrium
Read pages 53-67 of Economics.
Consider the following as you read:
- What is the difference between supply and quantity supplied? What is the difference between demand and quantity demanded?
- How do prices, quantity supplied, quantity demanded, supply, and demand interact to determine market equilibrium?
- How do government-set prices, such as price ceilings and price floors, cause surpluses and shortages?
Economics, Ch. 7: Utility Maximization
Read pages 153-159 of Economics.
Consider the following as you read:
- How do rational consumers maximize utility by comparing the marginal utility-to-price ratios of all the products they could possibly purchase?
- What is the relationship between total utility, marginal utility, and the law of diminishing marginal utility?
Economics, Ch. 18: Public Finance: Expenditures and Taxes
Read page 406 of Economics.
Consider the following as you read:
- What are the major categories of Federal government spending and revenue and of state/local government spending and revenue?
- How can you use the circular flow diagram to illustrate how the allocation of resources is affected by the government's revenue and expenditure decisions?
Economics, Ch. 24: An Introduction to Macroeconomics
Read page 532-533 of Economics.
Consider the following as you read:
- Why do economists focus on GDP, inflation, and unemployment when assessing the health of an entire economy?
- Why does greater flexibility of prices as time passes cause economists to utilize different macroeconomic models for different time horizons?
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