Question Description
I need a substantive response for each one of the following questions.
What is economics? What role does economics play in your personal and organizational decisions? Provide an example of the role of economics in decision making.
What is the Production Possibilities Model (PPM or sometimes, PPF) and how is this model related to the concept of opportunity cost,? Discuss the theory of comparative advantage and its relationship to the production possibility curve.
Please discuss the theory of comparative advantage in trade. How is comparative advantage different from absolute advantage? Why might some of the precepts of the theory of comparative advantage fail to hold true in the modern era of international trade?
What is the difference between a movement along and a shift of the demand curve? What is the effect on the equilibrium price and quantity that results from an increase in demand, supply, and both? Provide examples for each instance. What is the role of supply and demand in decision making? Provide a real-world example.
Please discuss price ceilings and price floors. What are some examples of both types of pricing schemes? What are some economic arguments both for and against these kinds of market interference?
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