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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.
Who benefits from a tariff or quota. Illustrate what are the positives and negatives of protectionist trade policies on the federal government's part. Which policy is best right now.
A perfect competitive firm has the cost function TC = 1000 + 2Q + 0.1 Q^2-What is the lowest price at which the firm can break even?
Illustrate what does the fundamental assumption of marginal utility theory suggest about the connection between money and happiness.
When does a recession begin and when does it end and the dating of a business cycle is done by the Business Cycle Dating Committee of the National Bureau of Economic Research
Illustrate what are the concerns of common citizens on personal data such as medical transcriptions and credit card information in a foreign country where there are less stringent regulations on privacy.
Explain why does the United States have an absolute advantage in both goods. Which country enjoys a comparative advantage in food.
Illustrate what methods does Rakuten use to make it easy for a small or medium size business to use its shopping platform.
Discuss the effect of each of the following on the quantity demanded or the demand for new motor homes.
If the customer is rational explain how can use affect their economic decisions
Abby consumes only apples. In year 1, red apples cost $1 each, green apples cost $2 each, and Abby buys only 10 red apples. In year 2, red apples cost $2, green apple costs $1, and Abby buys only 10 green apples.
Describe ways firms establish barriers to entry and explain how they benefit firms but not consumers.
hannah and her employer both expected inflation to be 3% between 2010 and 2011, so they agreed in a two year contract $12.00 an hour in 2010 and $12.36 per hour in 2011. However suppose inflation between 2010 and 2011 was only 2% not 3%.
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