Reference no: EM132456991

Q1. You are faced with a problem. You want to go to the movies with your friends and see the latest action flick. However, your mother left you firm instructions to mow the lawn. You will risk losing your allowance if you don't mow the lawn. Apply what you have learned in this course.

a) Create a decision-making grid similar to the one you learned about in Unit 2. Then decide which would be the best use of your time.

b) Make a choice as to which you will do. Write an explanation (at least one well-developed paragraph in length) in which you explain how you have decided to use your time and why you made that particular choice. Your explanation should include terms such as "opportunity cost" and "trade-off" and your reasoning for making the choice you made.

Q2. How does the placement of resources around the world impact countries on an economic and political level? Be sure to explain how the placement of resources limits some countries economically but positively affects others. Answer in at least two well-developed paragraphs.

Q3. In an essay of at least two well-developed paragraphs, briefly explain the economic theories of John Maynard Keynes and Adam Smith. Explain the importance of these economic philosophers on the free market economy.

Q4. In an essay of at least two well-developed paragraphs, explain three types of investments you can make to personally invest in the economy and help it to grow.

Q5. In an essay of at least two well-developed paragraphs, describe the four types of financial institutions and services each provides.

Q6. In an essay of at least two well-developed paragraphs, describe the three theories of the causes of inflation and explain how inflation is used to measure economic performance.

Q7. In an essay of at least three well-developed paragraphs, describe characteristics of developed nations and less developed nations and provide a few examples of each. Then describe the factors that influence the level of economic development in nations.