What aspect would you dislike most about living in this type of economy?
02-02-01 People receive a salary or income for supplying the factors of production. Of great debate are the amount and types of work various individuals must perform and the payments they receive. Some feel that a doctor should receive more money than a farmer because of the expensive schooling he must go through to become a doctor. Others feel that the backbreaking work and long hours that farmers put in entitles them to higher salaries.
What are your thoughts on this subject? Are Americans paid fairly based on the jobs they perform and the skills they must have to complete their work? For example, is professional baseball players paid too much? Be sure to provide logical reasons to support your opinion.
02-02-02 Imagine that you live in a centrally planned or command economy. What aspect would you like most about living in this type of economy? What aspect would you dislike most about living in this type of economy? Be sure to explain each like and dislike completely and provide logical reasons to support your answers.
02-03-01 Government involvement in the economy is the subject of great debate. While some feel the government provides just the right amount of protection of economic freedoms and rights, others feel that the government hinders the economy because it is too involved in this area. Many feel that such government regulations interfere with the growth of the economy, as sometimes businesses must institute costly practices and procedures in order to comply with government regulations that ensure consumer protection.
What are your thoughts about this subject? Do you feel the government should be more involved, less involved, or that the level of government involvement is just right? Provide an explanation of your opinion in at least one paragraph and provide reasons to support your opinion.
02-03-03 You have read in this section about the tax income collected by local, state, and federal governments and the ways this money is used to support the population. In at least one well-developed paragraph consisting of at least five sentences, explain how you feel about the help that is provided to the poor and disadvantaged. Do you feel that this help is too much and at times abused? Or do you think the governments do not provide enough help and could do better? Be sure to provide at least one detailed and logical reason to support your opinion.
02-04-01 At times, the elasticity and inelasticity of demand of a product can be a personal decision. What might be an important, “must have” product for one person may not have the same importance for another person. Therefore, the demand of some products may be elastic for one person and inelastic for another.
Discuss two products that you purchase on a regular basis. Your demand for one product should be elastic, and the demand for the other product should be inelastic. In an entry of at least one paragraph, describe each product and why your demand for each is elastic or inelastic.
02-04-03 It seems like there is never an end to the new products that come on the market! Every day you hear or see ads about new products and see new items lining store shelves.
Answer the following questions below:
· What are some new products that you have seen businesses supply in recent months?
· Have prices increased or decreased since the product or products have entered the marketplace?
· Do you think these products are fads and will remain on store shelves a short time or do you think they are products you will see for a long time? Why or why not?
· Is the supply of these products elastic or inelastic? Be sure to explain
02-05-02 Some say that with increased technology, such as ATMs and debit cards, and the expense of printing money, our society is headed for a completely paperless banking system. This means that paper money and coins would be removed from the economy. Instead, our bank balances would be handled by computers. We would carry plastic cards (much like debit cards) and use them to deduct money from our accounts and to pay bills. Paying bills will simply become a matter of deducting money from one account and crediting it to another via the computer.
Do you agree with this thought? Do you think we are headed for a completely paperless banking system with no paper currency at all? Post your answer to this question along with at least two reasons that support your opinion. Be sure to completely explain your position. Your explanation should be logical and show thought and reasoning.
02-06-02 Now that you have had the opportunity to do some research on the state of the economy, and you have read about the different indicators that economists use to forecast changes in the business cycle, post your opinion on the future of the economy. Do you feel the country is headed for a recession? Or do you think the economy will continue on a period of expansion? Currently what phase of the business cycle do you feel the economy is in and where do you think it is headed for the future? You may access online business articles or watch economics related news programs to help you develop an opinion. Be sure to provide at least one logical reason to support your opinion.
02-06-04 Choose an adult friend or relative and ask them to think of two items that they purchased when they were young and that can still be purchased today (examples: movie tickets, candy, ice cream, baseball cards, gasoline). Then, in a post of at least one paragraph, tell what those items are, and the prices that your friend or relative paid for them previously. State what the same item costs today. How high have prices risen over time? Why do you think the prices of these items have risen over time?
Then in a second paragraph, name two items that you regularly purchase today and what you currently pay for them. Do you think the prices of these items will be higher 20 years from now? Speculate what they might cost in 20 years and why.
02-07-01 When it comes to the issue of international trade, where do you stand? Do you think it is beneficial and important? Or are you a protectionist? Do you feel that it is better to block the importation of some products into a country? In a post of at least one well-developed paragraph, explain your opinion on the issue and provide logical arguments to back up your opinion.
02-07-03 As discussed earlier in this section, many criticize contributions the United States makes to economic development organizations like the World Bank. They feel that the U.S. should first be concerned with the economic status of its own citizens. Where do you stand on this issue? In a post of at least one well-developed paragraph, explain your opinion on this issue and provide at least one logical argument to support your opinion.
Each question needs to have about 100-200 word answer and have one cite in it.