Module 1- Chapter 1 Study Guide

Classify the following as microeconomics or macroeconomics and provide a justification for your choice.(a) Research into why the growth rate of total production increased.(b) A theory of how consumers decide what to buy.(c) An analysis of IBM's share of the personal computer market.(d) Research on why interest rates in a country were unusually high.

(1) Classify the following topics as relating to microeconomics or macroeconomics. (5) a. a family’s decision about how much income to save b. the effect of government regulations on auto emissions c. the impact of higher national saving on economic growth d. a firm’s decision about how many workers to hire e. the relationship between the inflation rate and changes in the quantity of money

Business anca Ayon Action Chapter 2 Understanding Basic Economics Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Learning Objectives (1 of 2) 2.1 Define economics, and explain why scarcity is central to economic decision making. 2.2 Differentiate among the major types of economic systems. 2.3 Explain the interaction between demand and supply. Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved What Is This Thing Called The Economy? (1 of 1) Economy - The sum total of all the economic activity within a given region Introd . This chapter off - A brief introduction professional's perspec - A high-level look at the stu economic systems, and the demand • Understanding basic economi successful business managen Copyright © 2017, 201 Learning Objectives (2 2.4 Identify four macroeconom understanding the behavior of 2.5 Outline the debate over de key roles that governments pla 2.6 Identify the major ways of Copyright © 2017, 2 What Is This Thing C…

11- One research is being conducted about how gold prices change due to the changing preferences of individual consumers. Research such as these belong to the study of ______________. a. International economics b. Microeconomics c. Macroeconomics d. Public economics

Question: Which of the following best illustrates the economic way of thinking?  a)The ability to use cartographic techniques to describe the natural and human world in maps. b)The science of predicting fish populations based on environmental conditions, population, dynamics and commercial harvest rates c)The capacity to critically evaluate art and theatre. d)The ability to look at an event, such as a cold freeze that damages the orange crop, and predict how it will affect prices and markets.

1. Classify the following questions as Microeconomics or Macroeconomics and provide a justification for your choice. (i) How will the market for melons be affected after Hurricane Dean? (ii) How much will the Trinidadian economy grow this year? (iii) What are the factors which determine the choice that a person makes between buying a Honda Accord or a Toyota Corolla? (iv) What will the inflation rate be for Belize?

Topic-1 and Topic-2 Tutorial questions 1. What is economics? 2. 3. 4. 5. 6. Write short notes on the following perspectives a) Scarcity and choice b) Rational behaviour and rational self-interest c) Generalisations d) Ceteris Paribus Distinguish between the following concepts a) Microeconomics and macroeconomics b) Normative economics and positive economics c) Economic principle and economic policy d) Independent variable and dependent variable e) Direct relationship and indirect relationship between any two variables Explain the reasons why every economy is faced with the basic economic problem to answer fundamental questions such as what to produce, how to produce, for whom to produce? Differentiate between the following concepts al Consumer goods and capital goods bl Public goods and private goods The alternative production possibilities faced by the economy of Botswana in the production of cloth and bread are indicated in the following Production Possibilities Table (PPT).…

Discussion Question:1)What is your opportunity cost of taking this course at UIU? When looking at this question, please focus on your alternatives of your decisions. Also, how does the role of scarcity affect the decisions that you have to make? or 2) Locate an article that details one or more of the five foundations. Summarize the article and provide detail supporting your case on one of the five foundations. What specific economic concept from the text is found in this story? How does this concept lead people to change their behaviors? What is your reaction to this story? How would you alter the plan to achieve a different outcome? Look to answer at least two of the questions above.

(a) Distinguish between microeconomics and macroeconomics

In this week’s discussion, we focus on how the market changes when there are changes to the supply or demand of goods and services. (a) “This year the weather smiled on us, and we made a good crop,” said a wheat farmer in Manitoba. “But just as we made a good crop, the economic situation changed.” This quotation brings to mind the saying, “If you are a farmer, the weather is always bad.” How would use economic theory to explain that this saying might be true and what would you suggest the farmer do to make the best of the situation despite good or bad weather? (one paragraph) (b) Along with your textbook reading, review the related videos and article for a background on Canada’s marijuana legalization, then respond to the following questions:Do you see any economic effects not mentioned that might occur in the longer period? What major changes do you see happening with the supply and demand sides of the cannabis market in the long run? (1-2 paragraphs; no mini essay).

Macroeconomics or microeconomics

Subject:21st century

Question 6 On which of the following concepts do economists focus their study when explaining how humans behave? emotions money fairness O incentives O justice

Question: Which of the following best describes the concept of opportunity cost in economics? A) The total cost of producing a good or service B) The monetary cost of purchasing a good or service C) The value of the next best alternative forgone when a decision is made D) The additional cost incurred when producing one more unit of a good or service

12)Which of the following best illustrates the economic way of thinking? * a)The ability to use cartographic techniques to describe the natural and human world in maps. b)The science of predicting fish populations based on environmental conditions, population, dynamics and commercial harvest rates c)The capacity to critically evaluate art and theatre. d)The ability to look at an event, such as a cold freeze that damages the orange crop, and predict how it will affect prices and markets

8

Question 13 A Nigerian household would have to make a decision on whether to purchase Starlink's internet because... a) of the concept of opportunity cost ) ...of the concept of shortage ...of the concept of scarcity ...of the concept of choice

Question: Imagine a small town where all residents buy their groceries from two stores: GreenGrocer and Fresh Finds. Initially, both stores charge the same prices and have the same number of customers. One month, GreenGrocer decides to decrease the price of all their fruits and vegetables by 10% to attract more customers. Assuming the quality of goods and the level of service at both stores remain constant, answer the following: 1. What economic principle explains why customers might start shopping more at GreenGrocer than at Fresh Finds? 2. If Fresh Finds does not change its prices, what could be the likely outcome for its business? 3. How might Fresh Finds respond to GreenGrocer's price reduction to maintain its customer base?

Question 35 What have you learned about Microeconomics that you did not know before taking this class?

The Core Principles of Economics End of Chapter Problem Consider your decision to read this textbook on economics. Identify which of the four core principles of economics is most relevant for each aspects of that decision. a. "Reading this textbook will help establish a solid foundation for understanding concepts you will learn in more advanced economics courses." This statement is related to the opportunity cost principle. b. "Reading this textbook will require time and effort, but doing so will help you improve your grade in this course." This statement is related to the cost-benefit principle. c. "The time you will spend reading this textbook can also be used to study for your chemistry exam." This statement is related to the cost-benefit principle. d. "Each page that you read and each practice problem that you complete will help you increase your understanding of the material." This statement is related to the marginal principle.

Topic: What is the world going to be like if we continue to have bilateral economic war in the next 25 years? the tensions that lead to war still exist: religion, money, natural resource, and history all provide way too many “reasons” for countries to want war to achieve their perception of national goals. Governments of nations have increasing impact on short term tools that affect both national and global economics  Question: how are Macroeconomics is greatly affected by politics during bilateral economic war. and how can you see change in the next 25 years. please answer in paragraphs, thank you for your time!

19- : Which economics studies the behavior of economic units, the interaction of consumers and firms?    a) international Economics  B) Macro economics  NS) growth economics  D) monetary economics  TO) microeconomics

1.) Scarcity and Choice Understanding what the market system does well and what it does badly is essential for developing solutions to the fundamental economic problem: how to best manage the resources of society despite their scarcity. As a result, all economic decisions involve trade- offs. A well-functioning market system facilitates such decisions by assigning an input to where it will best serve society. The supply and demand model show how a competitive market behaves. This model is the most basic tool used by economists to measure and illustrate how the interactions in a market system determine price and quantity . First, briefly explain the reason(s) why the true cost of any decision is its opportunity cost; Next, list the three decisions every household or firm must make in deciding how to allocate its scarce resources and briefly explain the exchange in which of the possible combinations of outputs to producer is carried out as well as the system in which it is decided how…

22. The United Kingdom is made up of several smaller countries that used to be independent. The largest is England and one of the smallest, Wales, became unified with England around 700 years ago. The land in most of England is relatively fertile and can be used to grow wheat or pasture sheep. Wales, on the other hand, is mountainous and it is hard to grow wheat or find good land on which to pasture sheep, although it can be done. The land costs of producing wheat and sheep are shown below. Wheat 5 acres/ton 10 acres/ton Sheep 2 acres/sheep 2.5 acres/sheep England Wales For simplicity suppose England has 20 acres and Wales has 10 acres. Now suppose that England conquers Wales and the king wants his economist, to plot out the production possibilities for his unified kingdom. Do not expect the PPF to be a straight line, so plot more than two points. It will be helpful to consider the different patterns of specialization below and plot the points. Fill in the table Production pattern…

22. The United Kingdom is made up of several smaller countries that used to be independent. The largest is England and one of the smallest, Wales, became unified with England around 700 years ago. The land in most of England is relatively fertile and can be used to grow wheat or pasture sheep. Wales, on the other hand, is mountainous and it is hard to grow wheat or find good land on which to pasture sheep, although it can be done. The land costs of producing wheat and sheep are shown below. Wheat England Wales 5 acres/ton 10 acres/ton Sheep 2 acres/sheep 2.5 acres/sheep For simplicity suppose England has 20 acres and Wales has 10 acres. Now suppose that England conquers Wales and the king wants his economist, to plot out the production possibilities for his unified kingdom. Do not expect the PPF to be a straight line, so plot more than two points. It will be helpful to consider the different patterns of specialization below and plot the points. Fill in the table Production pattern…

Need expert assistanance please SECTION A: Microeconomics Question 1 (a) Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium(i.e., supply equals demand in each case). Assume further that a good harvest impactsthe world’s sugar cane crop. Sugar cane is a principal ingredient in rum, but it is notan ingredient in whiskey. Rum and whiskey are substitutes in consumption.(i) Discuss the impact of the good harvest on each of the three markets.(ii) Discuss the effect on the markets for each of the three products if thegovernment implements a price restriction in the sugar cane market with the aimof protecting the farmers. How will this impact the revenues for sugar growers,rum producers and whiskey producers?

Summary: In what ways does a society's values determine how it answers the question, "Who gets how much of what? THE ONLY QUESTION YOU HAVE TO ANSWER IS THE SUMMAR QUESTION ABOVE.       Central Question of Economics: "Who Gets How Much of What?"   Scarcity is a fundamental economic problem of having seemingly unlimited human wants in a world of limited resource     Who?: Who are we talking about? Who are the players in the economics world? Men, Women, Children, Governments, The Elderly, Corporations, Developed/Developing Nations   What?:What are we talking about? What are the things that an economic system produces and distributes? Property, Land, Housing, Utilities, Food, Clothes, Education, Jobs, Taxes, Healthcare, Transportation (cars, planes, etc.), Communications, and Electronic Devices How Much Of? Name other ways of saying “how much of something?” Years, Frequency, Size, Quantity, Amount

5

part 2 and 3