Define the Market Economy term and provide an original, economics-based explanation of the term. Aslo provide a real/hypothetical contextual example (different from that provided in the text) of the term as it is applied to economics.
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Define the Market Economy term and provide an original, economics-based explanation of the term. Aslo provide a real/hypothetical contextual example (different from that provided in the text) of the term as it is applied to economics.
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- E2 Describe the difference between the "endogenous" and the "exogenous" variables of an economic model. Which type of variable is, by construction, independent of all of the other variables in a model? In the supply/demand model of a competitive market which variables are endogenous and which are exogenous (give at least 3 of each type)?The basic difference between macroeconomics and microeconomics is that? a.macroeconomics is concerned with policy decisions, while microeconomics applies only to theory. b.microeconomics is concerned with the forest (aggregate markets), while macroeconomics is concerned with the trees (subcomponents). c.macroeconomics is concerned with the forest (aggregate markets), while microeconomics is concerned with the individual trees (subcomponents). d.opportunity cost is applicable to macroeconomics, and the fallacy of composition relates to microeconomics.Question 1Define the difference between following terms :i) Microeconomics versus Macroeconomicsii) Normative statements versus positive statementsiii) Change in Supply versus change in quantity suppliediv) Law of Demand versus law of supplyv) Determinants of Demand versus determinants of Supplyvi) Opportunity cost versus Marginal costvii) Price Elasticity of Demand versus Cross-Price Elasticity of Demand.viii) Perfect competition versus competitive marketsix) Invisible hand theory versus price controlsx) ‘Free lunch’ versus ‘there’s no such thing as free lunch’xi) ‘How people make decisions’ versus ‘How people interact’ Note: kindly answer the all above terms with example if you want upvote for your answer thanks
- a. Describe (in symbols) the datum and variables of the economy. b. Express the definition of the Walrasian equilibrium for this economy using vector notation. c. Demonstrate that Walras’ Law holds as an identity (i.e., it will be valid with any set of prices). d. Demonstrate that if the markets for two commodities are in equilibrium, the third market must also be in equilibrium.Define economics, macroeconomics, and microeconomics. Discuss whether the other-things-constant assumption applies to macroeconomics and microeconomics.What advantage does economics have over the other social sciences that study human behavior?What does it have in common with the other social science? Elaborate.
- why is the market for recycled aluminium good and the market for plastic bad in the US? Depict this with a firm input choice model. I understand that recycled plastic decreases in qualiy everytime it is recycled while aluminium does not and can be recylced without the decrease in quality, but I dont know how to depict this graphicallywhile this topic may seem insensitive given the recent events in Uvalde (and others), in economics the "Guns vs. Butter" debate has been used for decades to describe the choice and trade-offs between producing a governmental capital goods (guns) vs. personal consumer goods (butter) in society. Please keep this in mind and do not get off topic in the guns vs. no guns debate or the idea of gun legislation. In this exercise you will demonstrate your ability to draw a simple production possibilities curve given data on the quantity of one input (labor) and the amount of labor required to produce each of two outputs (guns and butter). You should also be able to identify the opportunity cost of one good in terms of the other as the slope of the PPC. You will go on to explain your analysis. Guns or Butter? Suppose a nation has a total of 24 units of labor, which can be used to produce either guns or butter. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to…Which of the following are microeconomicissues? Which are macroeconomic issues?a. How will an increase in the price of Coca-Cola affect the quantity of Pepsi Cola sold?b. What will cause the nation’s inflation rate tofall?c. How does a quota on textile imports affectthe textile industry?d. Does a large federal budget deficit reduce therate of unemployment in the economy?
- Define the basic concepts of economics • Discuss the core principles that economists use to understand observed phenomena • Demonstrate how observed economic phenomena exemplify the core principles of economics through examples • Examine how individuals, firms and households make decisions, by reviewing market models • Analyze the forces of demand and supply and how they interact to determine an equilibrium price • Predict how and why equilibrium prices might change and their impact on resource allocation • Explain and analyze the market modelWhat are the definitions of the following economic principles and give 1 brief example each: - scarcity principle? - cost-benefit principle? - principle of unequal cost? - principle of comparative advantage? - principle of increasing opportunity cost? - equilibrium principle? - efficiency principle?Using sound economic theory, develop a macroeconomic econometric model that would test the relationshipbetween globalisation and economic development in South Africa. You are to state the a priori expectations ofwhat the model would tell us, and you are to write the model using ‘Word Equation’. Finally, each variable that isincluded must be justified regarding its relevance for being there.
