Choose a household with which you are intimately familiar. Describe in detail (2 paragraphs) the division of labor in that household integrating relevant course materials into your description and analysis.
Category: economics
The Supply and Demand Model
Pick a product that you consume on a regular basis. Using the Supply and Demand Model analyze the change in price and quantity that can occur. What are somethings that might shift demand for that product? What are things that might shift supply of that product? How has recent events influenced the supply and demand of that product you have chosen?
How economics impacts your own life.
Discuss how economics impacts your own life.
After going through chapter 1 and the author’s 10 Principles of Economics, give an example or two of how you might apply these principles to your own life and your own decision making.
Think about:
What are some trade offs you have had to make? What has been the opportunity cost of making those tradeoffs? How have you thought on the margin in the past? What incentives have you responded to?
How has trade made your life better/worse off? How have you experienced the “invisible hand”? Has the actions of government improved your life more than the market?
Marginal cost as it relates to decision making.
We recently discussed marginal cost as it relates to decision making. We also discussed the four market structures as they relate to setting prices and output decisions. Look at the lectures on chapters 13 through 17. What are some of the takeaways that you have after reflecting on how a business can make decisions using the marginal cost marginal revenue idea? What market structure would you like to be a seller in? What market structure would you like to be a buyer in? How do you think understanding these concepts can help you be a better producer or a better consumer?
The impact of price controls on the economy.
This past week we discussed the impact of price controls on the economy. There seems to be a big divide when it comes to the role of the market and the role of the government in today’s society. Use this week’s discussion as an opportunity to discuss your opinion on what the role of the government and the role of the market should be in allocating resources. How does the concepts we have discussed like price ceilings, price floors, surpluses, and shortages ect. play a role in your forming your opinion on the subject.
Create value for stakeholders are able to improve profitability
This week, we have learned that companies that are able to create value for stakeholders are able to improve profitability. For example, we learned that Patagonia is a market leader in outdoor gear due in part to its attention to stakeholders and a focus on social responsibility. Review this week’s reading assignment to learn more about Patagonia.
Describe the characteristics of a company that you prefer to buy a product or service from.
What are some characteristics of a company you would NOT buy a product or service buy from?
Create value for stakeholders are able to improve profitability
This week, we have learned that companies that are able to create value for stakeholders are able to improve profitability. For example, we learned that Patagonia is a market leader in outdoor gear due in part to its attention to stakeholders and a focus on social responsibility. Review this week’s reading assignment to learn more about Patagonia.
Describe the characteristics of a company that you prefer to buy a product or service from.
What are some characteristics of a company you would NOT buy a product or service buy from?
Income Approach to Calculating GDP
Income Approach to Calculating GDP (weight 45% of the assignment grade)
Complete the following exercise:
Go to http://www.bea.gov/
Visit the Bureau of Economic Analysis website at www.bea.gov. From the drop
down menu under “Data”, click on “by Economics Account”. Then click on
“National”, “Gross Domestic Product, and “Full Release and Tables”. Use table 7
(Relation of Gross Domestic Product, Gross National Product, and National
Income) and table 8 (Personal Income and its Disposition).
1. Create the table that contains the following information for the
most recent quarter where data required for this exercise is
available.
Please note that using the data for previous years and/or previous
estimates will produce grade zero for this part of the project.
Omit the intermediate lines found in Tables 7 and 8 on the web site.
∙ Gross domestic product
∙ Gross national product
∙ Net national product (you should calculate it as Gross national product minus
Consumption of fixed capital)
∙ National income
∙ Personal income
∙ Personal Disposable Income
∙ Personal Savings
Present the information that you received in your project.
2. Write a report in your own words (2 pages, double-spaced), which contains the
analysis of the results you received. In this report consider, but do not be limited
to the following:
1. What is the difference between gross domestic product (GDP) and gross national
product (GNP)? What is the difference in what GDP measures compared to
GNP?
2. Based on the table, what calculations must you make to determine GNP from
GDP?
3. What is national income (NI)? What does NI measure?
4. Which was higher in this year, GNP or NI? By how much?
5. What calculations must you make to determine NI from GNP?
6. NI is composed of a number of categories. What category makes up the largest
portion of NI?
7. What calculations must you make to determine Personal Income from National
Income?
8. What calculations must you make to determine Personal Disposable Income and
Personal Savings?
9. Please analyze and discuss the significance of the data that you received
for this Data exercise.
10. Reflect on what you have learned from this exercise.
Income Approach to Calculating GDP
Income Approach to Calculating GDP (weight 45% of the assignment grade)
Complete the following exercise:
Go to http://www.bea.gov/
Visit the Bureau of Economic Analysis website at www.bea.gov. From the drop
down menu under “Data”, click on “by Economics Account”. Then click on
“National”, “Gross Domestic Product, and “Full Release and Tables”. Use table 7
(Relation of Gross Domestic Product, Gross National Product, and National
Income) and table 8 (Personal Income and its Disposition).
1. Create the table that contains the following information for the
most recent quarter where data required for this exercise is
available.
Please note that using the data for previous years and/or previous
estimates will produce grade zero for this part of the project.
Omit the intermediate lines found in Tables 7 and 8 on the web site.
∙ Gross domestic product
∙ Gross national product
∙ Net national product (you should calculate it as Gross national product minus
Consumption of fixed capital)
∙ National income
∙ Personal income
∙ Personal Disposable Income
∙ Personal Savings
Present the information that you received in your project.
2. Write a report in your own words (2 pages, double-spaced), which contains the
analysis of the results you received. In this report consider, but do not be limited
to the following:
1. What is the difference between gross domestic product (GDP) and gross national
product (GNP)? What is the difference in what GDP measures compared to
GNP?
2. Based on the table, what calculations must you make to determine GNP from
GDP?
3. What is national income (NI)? What does NI measure?
4. Which was higher in this year, GNP or NI? By how much?
5. What calculations must you make to determine NI from GNP?
6. NI is composed of a number of categories. What category makes up the largest
portion of NI?
7. What calculations must you make to determine Personal Income from National
Income?
8. What calculations must you make to determine Personal Disposable Income and
Personal Savings?
9. Please analyze and discuss the significance of the data that you received
for this Data exercise.
10. Reflect on what you have learned from this exercise.
Long Run and Short Run in Macroeconomics
Comparing the Long Run and Short Run in Macroeconomics
-Describe the factors that affect long-run economic growth
Apply these factors in an AS/AD framework
-Describe the mechanisms through which monetary policy and fiscal policy affect the economy
Apply these mechanisms in an AS/AD framework
-Discuss the tradeoff between affecting the economy in the short run and in the long run.