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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.
The spirit of equating marginal cost with marginal revenue is not held by perfectly competitive firms oligopolistic firms or else.
Define the following in three senctence minimum definition.
Illustrate what would each political philosophy of utilitarianism, liberalism, and libertarianism likely suggest should be done in this situation.
Illustrate what affect might our concern for the baby boomers reaching retirement age, and the smallest number.
Currently, the island of Guam does not have a minimum wage need but uses the United States minimum wage as a reference. Give a theoretical justification for why imposition of a $5.15 minimum wage.
Eluciadte the law of demand. Why does a demand curve slope downward. How is market demand curve derived from individual demand curves.
Two important policy goals of the government and the Fed are to keep unemployment and inflation low, while at the same time making sure that GDP is increasing at an average of 3% per year. It is important to have the right mix of policies and that al..
Would you assume this as an externality, and if you do, what would you suggest be done about it.
The winners of the Nobel Prize in economic science were recently announced-who were they? For what contribution to our understanding of economics were they recognized?
A marketplace has only two sellers. Both are trying to decide on a pricing strategy.
Explain how relevant to the real world do you believe this result is in the "contestable markets" view of the competitive process.
What is meant by the Golden Rule and use the Mankiw Golden Rule graph to discuss whether this increase in the US s would have any effect on the GR variables of interest.
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