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Opportunity cost
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Sometimes we encounter things we can enjoy without having to pay for them. For example, we could attend a "free concert at the local park" that is offered to anyone and everyone for the taking. Economically speaking, is this activity, or any for that matter really free?
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Production Possibilities
answer
A nation has recently discovered a new and more efficient way of using food scraps as an energy source. What might happen in this nation with regard to its ability to be productive
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Competition and Allocation
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People always want more than can be produced. They cannot always have everything they want. What must economies do to solve this problem of scarcity, and what are some of the different approaches an economy can take?
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Value and Utility
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How can economic concepts be used to explain the idea, "one man's trash is another man's treasure?" How is the concept affected by "too much of a good thing?"
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Incentives/Disincentives
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What is the ECONOMIC rationale as to why people litter the hallways or parking lot of our school, or the highways of our country?
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Income Effect
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Briefly describe the income effect and its impact on the American consumer. What economic ability of consumers does it specifically impact, and is it good or bad? Explain
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Elasticity of Demand
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Why is it that when the price of beef changes, people significantly change the amount of beef they purchase, but when the price of water changes the amount of water used does not change significantly?
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The Price System
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In the United States, a language of prices is used for communication between buyers and sellers. Discuss three benefits of a system like this.
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The Price System
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In the United States, a language of prices is used for communication between buyers and sellers. There are three drawbacks to this system; explain two of them and give AN EXAMPLE FOR EACH.
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Interaction of Supply and Demand
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What is the goal of any market with regard to the supply of products and the demand for them? SPECIFICALLY, what causes a shortage or a surplus in a market, and how can this be mediated?
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Price Controls
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A politician is quoted as saying, "Rents are too high for low income families in our community. We need a city ordinance that controls the amount of money landlords can charge thes people for rent." Based on microeconomic thinking, what would such an ordinance qualify as, and what is your response to the suggestion?
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Changes in Supply and Demand
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A frost in Brazil kills 1/4 of that nation's coffee plants, and they are a major supplier of coffee to America. Explain what effect it will have on the following markets and WHY:
a. the coffee market
b.the tea market
a. the coffee market
b.the tea market
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Changes in Supply and Demand
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Automation is a type of technological change that uses robots and computers to do jobs that were previously held by people. Many people believe this technology reduces employment opportunities for workers. Address this dilemma by discussing both why it might be good for the business to automate and what the workers might do about their situation
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Market Structures
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Name and briefly explain the three basic types of market structures. which one is most prominent in America, and why does this necessitte a lot of advertising?
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Types of Business Organizations
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What are the specific ways American business can be set up? What is good and bad about each of them?
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Mergers/Takeovers
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Describe the concepts of "mergers" and "downsizing". What is the impact on the following groups:
a. Employees
b. Investors/Stockholders
c. The market
a. Employees
b. Investors/Stockholders
c. The market
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Saving
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Discuss four reasons a person might save money in America, and why starting early can provide a very serious benefit in the long term
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Stocks
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What are stocks? What is their purpose? How do they help or hurt the economy? The business? The employees?
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The Stock Market
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Why is it important to study (or at least have aworking knowledge of) the stock market and its activities?
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Investments
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What are the "levels of risk" of investments that exist today? Give some examples of investments and explain their risk, and explain the importance of investment to consumers.
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