Economics Tutor help

Assignment 1.3 what is economics?

Answer each of the following in a separate Word (or Google) Doc and attach to this assignment. 

1. In the graph and table, at what point does Stage 2—Diminishing Marginal Returns begin and at what point does it end?

Module 1 assignment

Imagine you were gifted $1000. This money is yours to do with as you

please. 

Make a list of all the possible wants you have. 

Calculate the opportunity cost for two of those wants on your list. 

Decide how you would use your $1000 and note the trade-offs involved. 

Describe how the above exercise demonstrates the theory of scarcity and

then state why scarcity is fundamental to economics. 

Module one writing prompts

Your response should be at least one paragraph long but no more than two paragraphs long. A paragraph may contain between 8-10 sentences

depending on the complexity of the issue. You will basically be writing a summary response to a writing prompt. 

Pay attention to your vocabulary use and grammar. This is a formal writing exercise that allows you to demonstrate your increasing knowledge in the area of economics while improving your ability to express yourself in written form. 

1: Discuss the role of the consumer and the production of goods and services in relation to core concepts of economics.

Module 2 Assignment

Make a list of goods and services that you and your family consider to be elastic. 

Make a list of goods and services that you and your family consider to be inelastic. 

Research a time when an inelastic good or service was dramatically affected by either scarcity or oversupply and write about it. What does your example demonstrate about inelasticity of demand? 

Finally, consider income elasticity for your own individual or family's situation. What kind of decisions are made based on this economic theory? Now that you understand the theory try to identify inferior goods and normal goods that are purchased. Write a paragraph describing your observations. Note: you can only observe the here and now, but for income elasticity, you may need to talk with your family to discover income elasticity over time. For example, perhaps your parents' income increased over the past 10 years. Consider how this has changed the products and services you consume. 

Module 2 writing prompts Your response should be at least one paragraph long but no more than two paragraphs long. A paragraph may contain between 8-10 sentences depending on the complexity of the issue. You will basically be writing a summary response to a writing prompt. 

Pay attention to your vocabulary use and grammar. This is a formal writing exercise that allows you to demonstrate your increasing knowledge in the area of economics while improving your ability to express yourself in written form.

1: Analyze a supply and demand graph and scenario of your choice and discuss the determinants that would affect the supply and demand of the product.

Module 3 assignment

Create an infographic poster either digitally or on paper that illustrates and explains the four different economic systems. 

Then create a separate infographic that demonstrates how the U.S. or any other country of your choosing is a mixed economy. 

Ensure that you include reference to the allocation of resources (what methods are used etc.) 

Finally, when you have completed your two posters, write a short essay on which economic system you think is fairest or best and add your own thoughts and ideas on how you could improve your chosen system. 

Module 4 assignment

Create a list of industries and businesses in your area or ones you use frequently in the following categories: 

• Monopolies • Perfect Competition • Monopolistic competition • Oligopolies

There should be at least 5 - 10 in each list. You must state your reason for each choice according to the definition of the category. Obviously, some reasons will overlap particularily in the last two categories. 

Next, write a comparison essay on the ability of each category to manipulate price. Your essay can focus on specific examples from your list to support your points. 

module 5 assignment

"School taxes should be paid only by people who have children in the public schools."

(Note: Most homeowner pay mandatory school taxes as part of their property tax.)

Consider this statement from an economists perspective. Even then, you could fall on either side of this debate. 

Create the arguments that both support and dispute this idea. 

Include ideas from this module in your response (private versus public goods, externalities, efficiency etc.) 

When you have developed both cases and stated them in written or oral form (you may upload a video or audio recording), briefly state which side of

the argument you fall on and the reasons for your stance. 

Module 5 writing prompts Your response should be at least one paragraph long but no more than two paragraphs long. A paragraph may contain between 8-10 sentences depending on the complexity of the issue. You will basically be writing a summary response to a writing prompt. 

Pay attention to your vocabulary use and grammar. This is a formal writing exercise that allows you to demonstrate your increasing knowledge in the area of economics while improving your ability to express yourself in written form.

1: Discuss the privatization of social security and explain how this process would affect the economy. Include focus on social security tax, retirement, etc. all in relation to the readings

Module 6 assignment

in this module, one of the things you learned about was the difference between various types of unemployment. As a reminder, there are a few different types of unemployment:

• Frictional unemployment, short-term unemployment when workers are between jobs.


• Structural unemployment, when the economy changes and a worker’s skills are no longer needed.


•  Cyclical unemployment, when the economy is doing poorly and less people are employed as a result.


• Seasonal unemployment, when people lose their jobs because those jobs are not needed during a certain time of year.


 

Instructions:

The following are five different unemployment scenarios. Your job is to (1) read each scenario, (2) identify the type of unemployment they're experiencing, and (3) explain why they are experiencing that type of unemployment.

Hint: apply the definitions to the scenarios. If you say a scenario is frictional unemployment, then does the scenario line up with the definition of frictional unemployment?

1. Jane works at a water park that is open from May to August each year. When the park is closed from September to April, Jane does not work as she is at school.

2. Baldo just graduated from college with a bachelor's degree in computer science, and is currently trying to find a job. Until he finds one, he is going to move back in with his parents.

3. Skylar worked as a cashier at her local grocery store, but her manager decided to buy a few self-checkout machines. The store didn't need as many cashiers as a result, so Skylar was laid off.

4. The economy is in a recession and the state government had to cut education funding, so Laurie was laid off from her position as a 4th grade teacher.

5. Matt worked in the IT department of a small online store. Eventually, the store decided to stop using its own IT department and outsource IT services to another company. As a result, Matt was laid off.

Module 7 assignment Case Study - Economic Growth

Choose a country that you are interested in. Study their economic growth over the past 3 decades from the 1990s to now. 

Investigate the reasons for their economic growth (Hint: factors of production). 

The Rate of the Growth

Identify any interruptions or setbacks in their growth and the causes and effects of such set-backs/downturns. You may note that the majority of European countries and more were badly affected by the 2008 financial crisis. 

Investigate any periods of very high inflation and compare the employment rates for that period. What caused the inflation? Was there an environmental or political factor that caused supply shock at any point? 

Create a presentation of your chosen's country's economic growth focusing on the questions above and any other factors that are necessary to fully

explain the unique economy you have chosen (government intervention etc.)

Hint: Countries like South Korea, Ireland, Australia, Brazil, Nigeria are good options to study. 

Module 8 assignment 2008 Financial Crisis

Investigate the causes and effects of the 2008 Financial Crisis or The Great Recession. You will have to delve deep into the banking structures and practices, as well as the government response to the crisis. 

The Big Short is a great movie to help you get a handle on the practices that lead to the banks being on the brink of failure. 

Watch videos that summarize the crisis and try to read some economists' opinion (found in newspapers, journals etc) about the whole crisis. 

Create a report of your findings. Your report may be in any form you wish – essay, visual representation (info-graphic), animated video (Powtoon) or PowerPoint, SlideShare or Prezi. 

Imagine that you are trying to explain the 2008 Financial crisis to a person from the 1930's (remember that other crisis, the Great Depression) or to someone your age or older who has never heard of it (perhaps they were in a coma for a decade!). Essentially, your goal is to explain the problem in terms that are easy to understand.

Final Exam   The final exam consists of two questions. The first is a Reflection, and the

second is a short answer question of your choice where there are 4 options

to choose from and you only pick one.

YOUR TASK: COMPLETE THE REFLECTION PLUS ONE OF THE QUESTIONS

FROM QUESTION 2.

1. Reflection (40 points): Answer the following reflective questions

about this course. Please feel free to be candid and honest. You can

answer these questions in one large paragraph, several small

paragraphs, or bullet points, but each question should be at least

three sentences long and have an explanation of your reasoning:

◦ What did you find most interesting about this course? Why?

◦ What assignment did you find most valuable, and what

assignment did you find least valuable? Why?

◦ What is something you wish this course covered, but it did not

cover?

◦ After taking this course, what do you feel is the most important

thing to know in order to understand our economy and the

factors that affect it? Why?

 

2. (20 points) Below are 4 options for questions. Select ONE of the

questions to answer. DO NOT answer any of the other questions. You

will only be graded on your response for one of the questions, so if you

answer more than one you will only be graded on one of them. Your

answers may vary in length, but should should thoroughly address

every part of the prompt you choose. Each answer should be at least

6-8 sentences long and clearly explain your argument.

◦ Option A: What changes would you make to the way that our

economy currently works? Consider how much the government

gets involved, how wealth is distributed, etc., and be sure to

provide specific examples instead of broad suggestions. Why

would you make those changes?

◦ Option B: You receive $500 as a graduation gift from your

grandparents. You can either invest this money in the stock

market or spend it on a vacation trip before you start college in

the fall. Explain the tradeoffs of both options (not just one

option). Which option would you choose and why?

◦ Option C: What are the four types of unemployment? List each

type, explain what they are, and give an example (do not use the

examples from the Module 6 Assignment). Which type of

unemployment do you feel is most dangerous, and why?

◦ Option D: Explain the pros AND cons of raising the minimum

wage. If you ran the government, would you have a minimum

wage? Why or why not? Would you raise or lower our current

minimum wage? Why or why not?