Econ discussions 1-4 | Economics homework help

 

Please respond in two paragraphs of six sentences each to each of the following prompts 

  1. This is an opportunity to examine your environmental scanning abilities and, at the same time, discover how every event that occurs, domestically or internationally, can affect both the business world and your personal life. Find a recent copy of a local newspaper and open it to the front page. Briefly state how economics can shed light on one of the stories on the front page. This will be easy to do for stories about national health policy, budget deficits, and inflation. But with a little imagination (and some critical thinking), you can show how economics relates to virtually any news story. A cocaine bust? Economics explains why cocaine costs so much and why selling it can be such a lucrative activity for lawbreakers. A war in a faraway region of the world? Economics can help us understand the origins of the conflict, as well as the true cost–the opportunity cost–of a possible U.S. military intervention. Now discuss how this article might impact business in general and yourself specifically, economically. Keep in mind that for all discussions full point credit requires a substantial original post and a meaningful reply to at least two other postings 
  2. One of the sections in this chapter discusses the various forms of economic systems that exist around the world. Here in the United States we always talk about how we have a free market system. But do we? In this discussion let’s talk about our economic system. Discuss how our system is free market (or not) and why. Also compare and contrast our system to those of other countries’ systems.  Support your discussion with facts, not opinion, and cite your sources. 
  3. As previously mentioned, the concepts presented in this chapter are probably the most important in the entire text because they set the foundation for economic study. To make sure that everyone understands these concepts I want everyone to explain in your own words the laws of supply and demand. Include the relationships of each. Also include an explanation as to what causes a shift in either curve as opposed to a movement alone either curve. If you are not sure or do not understand these points now is the time to discuss them openly so that we all know these basic and important areas of study. 
  4. Price is the controlling factor in any free economic marketplace. You would think that everyone is looking for the lowest price available on every item produced and sold. This, however, is not the case. In this forum think about how important price is to you personally and discuss whether you are always looking for the lowest price on everything or if you have some other more important factor for one or more items that you purchase. Include the factors that might impact a purchase of a big ticket item like a house, car, boat, jewelry, etc. The purpose of this discussion is for you to understand the many factors that determine the pricing of goods and services that we buy (other than costs). 
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