kaplan bu204 all units discussions topic 1 2 and 3 [ all 10 units ]
Question # 00086319
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Updated on: 07/29/2015 02:29 PM Due on: 08/12/2015
Topic 1:
Economics deals with economic choices (decisions) individuals, firms and nations make. Why do economic agents need to make choices in the decision making process? What are the factors that force us to make choices among the viable alternatives at our disposal during a given period of time?
Topic 2:The economy works via the interactions of economic agents (interactions of economic choices). Think of a recent purchasing decision in which you compared the marginal benefits associated with buying a product with the marginal costs. How do you make a rational decision by comparing marginal benefits and marginal costs?
Topic 3:The economy works via the interactions of economic agents or interactions of economic choices in markets. Economists claim that pursuing self-interest leads to trade based on specialization, which in turn leads to mutual gains from trade. What is the role of self-interest in free market operations? Why engagement in self-interest may lead to better economic welfare for the society at large?
Topic 1:The theory of comparative advantage states that there are gains from trade if countries specialize and optimize their opportunity costs. What is the difference between absolute advantage and comparative advantage? Why do the gains from trade depend on comparative advantage regions and countries have at a given period of time?
Topic 2:What is circular flow diagram? What are the major markets and economic decision makers the circular flow diagram indicates? What is the importance of the diagram in various markets of the economy or economic interactions (transactions)?
Topic 3:Production possibility frontier indicates the maximum amount of two goods that can be produced, given scarce resources and prevalent technology. How does the production possibility frontier model help us understand the feasible and efficient amounts that can be produced?
Topic 1:Why supply and demand is considered as factors that make market economies work? Why supply and demand drives the market economy? Provide an example of the role of supply and demand in business decision making.
Topic 2:
Topic 1:What are the major components of the U.S. GDP? Explain the contribution of each component to the GDP with data.
Topic 2:What is the relationship between the GDP and the business cycle? How do the business managers use the information about the positive trend in the real GDP growth rates to increase profits?
Topic 3:GDP only measures the value of marketed goods and services for a country during a given period of time. What are the limitations of the GDP in measuring total output and national welfare? What products (goods and services) are excluded from the GDP computation?
Topic 1:There are various debates on measuring rate of unemployment and its policy implications. What are the different types of unemployment and how are they related to the condition of the economy during a given period? Is it possible for the number of employed workers to increase while the unemployment rate rises? Explain
Topic 2:Official unemployment rate is an imperfect measure of the rate of unemployment (joblessness). Give examples on how the definition of unemployment rate overstates or understates the number of jobless people in the economy.
Topic 3:
Topic 1:How do we measure long term economic growth of a country? What are the key determinants of long run economic growth? What is the relationship between economic growth and productivity?
Topic 2:
Topic 1:
Topic 3:In economics inflation is considered as a tax. There are also costs of inflation. What is the inflation tax, and how might it explain the creation of inflation by a central bank? Explain how inflation affects savings.
Topic 1:Aggregate Supply (AS) and Aggregate Demand (AD) model and AS/AD curves are essential to understand macroeconomic fluctuations. Discuss the importance AS-AD model in explaining the macroeconomic conditions of the economy and business cycles like recessions.
Topic 2:Macroeconomic goals and macroeconomic equilibrium are the key elements in macroeconomics. What is long run macroeconomic equilibrium? What are the long run macroeconomic goals?
Topic 3:Explain the key concepts in open-economy macroeconomics. What are the major differences between closed-economy and open-economy? What are the economic policy implications of dealing with an open-economy?
Topic 1:Monetary and fiscal policy instruments are used to affect the aggregate demand (AD) in the economy. What is the difference between contractionary and expansionary monetary policy? What is the difference between contractionary and expansionary fiscal policy? How does each policy affect the AD in the economy?
Topic 2:There are differences in the ways monetary and fiscal policy instruments are formulated and implemented. How does fiscal policy differ from the monetary policy in the U.S. economic system? What are the major problems of the fiscal policy?
Topic 3:
unit 10
Topic 1:There are pros and cons if policymakers use monetary and fiscal policy to stabilize the economy. Explain the main arguments in favor of economic stabilization. Explain why policy lags could make stabilization policies counterproductive.
Topic 2:One of the widely debated issues in macroeconomic policy is related to government budget, which involves government spending and taxes. Should the government balance its budget? If you think it should, what steps do you suggest that it take to balance its budget? If you wished to reduce the budget deficit, how would you advocate that be accomplished?
Topic 3:There is a general consensus that the current tax laws in the USA are not effective (efficient). However, there is a debate on how the tax laws should be reformed. Should the tax laws be reformed to encourage saving? Is the tax law the major impediment to increasing private saving in the economy?
Economics deals with economic choices (decisions) individuals, firms and nations make. Why do economic agents need to make choices in the decision making process? What are the factors that force us to make choices among the viable alternatives at our disposal during a given period of time?
Topic 2:The economy works via the interactions of economic agents (interactions of economic choices). Think of a recent purchasing decision in which you compared the marginal benefits associated with buying a product with the marginal costs. How do you make a rational decision by comparing marginal benefits and marginal costs?
Topic 3:The economy works via the interactions of economic agents or interactions of economic choices in markets. Economists claim that pursuing self-interest leads to trade based on specialization, which in turn leads to mutual gains from trade. What is the role of self-interest in free market operations? Why engagement in self-interest may lead to better economic welfare for the society at large?
unit 2
unit 2
Topic 1:The theory of comparative advantage states that there are gains from trade if countries specialize and optimize their opportunity costs. What is the difference between absolute advantage and comparative advantage? Why do the gains from trade depend on comparative advantage regions and countries have at a given period of time?
Topic 2:What is circular flow diagram? What are the major markets and economic decision makers the circular flow diagram indicates? What is the importance of the diagram in various markets of the economy or economic interactions (transactions)?
Topic 3:Production possibility frontier indicates the maximum amount of two goods that can be produced, given scarce resources and prevalent technology. How does the production possibility frontier model help us understand the feasible and efficient amounts that can be produced?
unit 3
Topic 1:Why supply and demand is considered as factors that make market economies work? Why supply and demand drives the market economy? Provide an example of the role of supply and demand in business decision making.
Topic 2:
What is the difference between a movement along and a shift of the demand and supply curves? What are the factors that lead to shifts in supply and demand curves?
unit 4
Topic 1:What are the major components of the U.S. GDP? Explain the contribution of each component to the GDP with data.
Topic 2:What is the relationship between the GDP and the business cycle? How do the business managers use the information about the positive trend in the real GDP growth rates to increase profits?
Topic 3:GDP only measures the value of marketed goods and services for a country during a given period of time. What are the limitations of the GDP in measuring total output and national welfare? What products (goods and services) are excluded from the GDP computation?
unit 5
Topic 1:There are various debates on measuring rate of unemployment and its policy implications. What are the different types of unemployment and how are they related to the condition of the economy during a given period? Is it possible for the number of employed workers to increase while the unemployment rate rises? Explain
Topic 2:Official unemployment rate is an imperfect measure of the rate of unemployment (joblessness). Give examples on how the definition of unemployment rate overstates or understates the number of jobless people in the economy.
Topic 3:
How do we use consumer price index (CPI) to measure the cost of living? What is the relationship between CPI and rate of inflation?
unit 6
Topic 1:How do we measure long term economic growth of a country? What are the key determinants of long run economic growth? What is the relationship between economic growth and productivity?
Topic 2:
Governments have impacts on the economic growth through the control of assets of production. What do you think is the impact of the government intervention on the economic growth? Does it have positive or negative impact on resource allocation efficiency?
unit 7
Topic 1:
There are various forms and uses of money in the economy. Banks create money. What are the uses of money? What is the difference between commodity money and fiat money?
Topic 2:The Federal Reserve may increase or decrease money supply depending on the economic condition. What is the difference between contractionary and expansionary monetary policy?Topic 3:In economics inflation is considered as a tax. There are also costs of inflation. What is the inflation tax, and how might it explain the creation of inflation by a central bank? Explain how inflation affects savings.
Topic 1:Aggregate Supply (AS) and Aggregate Demand (AD) model and AS/AD curves are essential to understand macroeconomic fluctuations. Discuss the importance AS-AD model in explaining the macroeconomic conditions of the economy and business cycles like recessions.
Topic 2:Macroeconomic goals and macroeconomic equilibrium are the key elements in macroeconomics. What is long run macroeconomic equilibrium? What are the long run macroeconomic goals?
Topic 3:Explain the key concepts in open-economy macroeconomics. What are the major differences between closed-economy and open-economy? What are the economic policy implications of dealing with an open-economy?
Topic 1:Monetary and fiscal policy instruments are used to affect the aggregate demand (AD) in the economy. What is the difference between contractionary and expansionary monetary policy? What is the difference between contractionary and expansionary fiscal policy? How does each policy affect the AD in the economy?
Topic 2:There are differences in the ways monetary and fiscal policy instruments are formulated and implemented. How does fiscal policy differ from the monetary policy in the U.S. economic system? What are the major problems of the fiscal policy?
Topic 3:
Studies indicate that there is a short-run tradeoff between inflation rate and unemployment rate. If you were macroeconomic policy maker, how do you balance the short-run tradeoff between inflation rate and unemployment rate?
Topic 1:There are pros and cons if policymakers use monetary and fiscal policy to stabilize the economy. Explain the main arguments in favor of economic stabilization. Explain why policy lags could make stabilization policies counterproductive.
Topic 2:One of the widely debated issues in macroeconomic policy is related to government budget, which involves government spending and taxes. Should the government balance its budget? If you think it should, what steps do you suggest that it take to balance its budget? If you wished to reduce the budget deficit, how would you advocate that be accomplished?
Topic 3:There is a general consensus that the current tax laws in the USA are not effective (efficient). However, there is a debate on how the tax laws should be reformed. Should the tax laws be reformed to encourage saving? Is the tax law the major impediment to increasing private saving in the economy?
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Rating:
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Solution: kaplan bu204 all units discussions topic 1 2 and 3 [ all 10 units ]