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Economics is often described as the study of human behaviour in making choices to satisfy unlimited wants from limited resources. For this discussion, answer the following questions about fundamental economic principles based on your course knowledge and experience. Then respond to at least two classmates.
-Do you agree with the above statement about economics? Provide reasons and support your reasons by describing your own experiences.
-Students often choose their education and career path based on demand and supply. For instance, at one time there was a high demand for dental hygienists. Colleges suddenly had an influx of students enrolling in dental hygiene and graduates easily found good paying employment. Over time the supply of hygienists exceeded the demand and the ability to find a dental hygiene job started becoming difficult and pay rates began decreasing.
-Do you think that people should take the practical route and pursue careers where the required skills are in demand or do you think people should identify what they are really good at and pursue careers related to their natural abilities regardless of the demand and supply trends? Use personal experiences to support your response and incorporate demand and supply concepts from this course in your response.
-Which of the two, taking a practical route or pursuing careers based on natural ability, do you think is best for the growth of an overall economy or society? Once again, provide personal experiences or knowledge to support your response and relate it to economic concepts you have learned thus far.
Discuss the key criteria for success and the advantages of a central bank adopting the framework of inflation targeting. Consider the features of a desirable monetary policy instrument. Is the size of the Federal Reserve staff good policy instrument?..
After receiving an inheritance of $25,000 on her 21st birthday, Ayn deposited the inheritance in a savings account with an effective annual interest rate of 6%.
A non profit organization designed to assist individuals in their pursuit of common goals and interests. Under mice industry
Do you believe in the idea that governments should run surpluses in good years only to spend their way out of a recession in bad years Why do we often see government revenues and spending change when we are in a recession.
Explain the relationship between the different cost elements, (fixed costs, variable costs, marginal costs, average total costs etc.) scale of production.
A laser-based system installed for B = $150,000 three years ago can be sold for SP = $180,000 now. Based on 5-year MACRS recovery, BV3 = $43,200. GI for year is $800,000 and annual operating expenses average $50,000. Decide TI and taxes if Te = 34% i..
analyze grossmans model and how effective this model is at predicting the life expectancy of the elderly. apply this
final acceptable levels of detection risk have been determined for several assertions. the auditor is prepared to
Suppose that you are on holiday in Russia, when suddenly you are arrested and accused of spying for United States.Your captors tell you that if you confess, you will receive a prison sentence of 2-years,
Explain and show graphically, with reference to indifference curves and Isoprofit curves, why there has been growth in fringe benefits relative to wages?
Consider a simple economy, with just three occupations: subsistence producer, industrial worker, and entrepreneur. Subsistence producers can produce some fixed amount valued $2,000 with their labor. An industrial worker can earn a wage w. An entrepre..
Suppose that the firm's production function is given by Q = 10KL1/3. The firm's capital is fixed at K. What amount of labor will the firm hire to solve its short-run cost-minimization problem?
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