week 1 discussion 24

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Post 8 posts in 75 word count; or respond to other peers post 3 post must be made on Friday, 3 on Saturday and 2 on Sunday.

Economics, Ch. 1: Limit, Alternatives, and Choices

Read pages 5-12 and 15-23 of Economics.

Consider the following as you read:

  • What is an opportunity cost and how does the idea relate to the definition of economics?
  • What are the differences between macroeconomics and microeconomics?
  • What are unemployment and inflation and how do these concepts relate to economic growth?

Economics, Ch. 2: The Market System and Circular Flow

Read pages 43-45 of Economics.

Consider the following as you read:

  • What are the main characteristics of the market system?
  • How does the market system answer the five fundamental questions?
  • What are the mechanics of the circular flow model?

Economics, Ch. 3: Demand, Supply, and Market Equilibrium

Read pages 53-67 of Economics.

Consider the following as you read:

  • What is the difference between supply and quantity supplied? What is the difference between demand and quantity demanded?
  • How do prices, quantity supplied, quantity demanded, supply, and demand interact to determine market equilibrium?
  • How do government-set prices, such as price ceilings and price floors, cause surpluses and shortages?

Economics, Ch. 7: Utility Maximization

Read pages 153-159 of Economics.

Consider the following as you read:

  • How do rational consumers maximize utility by comparing the marginal utility-to-price ratios of all the products they could possibly purchase?
  • What is the relationship between total utility, marginal utility, and the law of diminishing marginal utility?

Economics, Ch. 18: Public Finance: Expenditures and Taxes

Read page 406 of Economics.

Consider the following as you read:

  • What are the major categories of Federal government spending and revenue and of state/local government spending and revenue?
  • How can you use the circular flow diagram to illustrate how the allocation of resources is affected by the government’s revenue and expenditure decisions?

Economics, Ch. 24: An Introduction to Macroeconomics

Read page 532-533 of Economics.

Consider the following as you read:

  • Why do economists focus on GDP, inflation, and unemployment when assessing the health of an entire economy?
  • Why does greater flexibility of prices as time passes cause economists to utilize different macroeconomic models for different time horizons?
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