CLASS / COURSE: Economics
1. Explain the laws of supply and demand (separately and very precisely) and explain why they are so important to understand.
2. Explain the difference between movement along a supply (and/or demand) curve and shifts in the curves.
3. Explain what happens when price ceilings are established and whether that is good or bad public policy.
4. Explain the law of diminishing productivity and relate it to an experience of your own.
5. Explain the differences between variable and fixed costs elements, use real world examples.
6. Explain why it is so important to understand the concept of variable costs (as defined in economics) and also explain what types of managers need to understand it the most and why?
7. Describe (in detail) the four major market structures.
8. Describe any role our federal government might take in a particular product market structure and why citizens might (or might not) want that government involvement?
9. Describe the sanctions that have been enacted by US laws to protect citizens from pricing actions that are not held in check by the Invisible hand?
10. How do the principles of microeconomics that you have leaned in this course apply to other nations?
Using MS Word, answer all questions in your own words; ergo, no need for citations; post your work as you would any other Individual Assignment.
You may use bullets and sentence fragments, but grammar and diction will still be considered. Write as though you were talking to a superior at work. Generally one to two medium length sentences will suffice; but, as usual, A grades will only be given for near-perfect execution and going above and beyond requirements.
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SUBJECTS / CATEGORIES:
1. Business Economics