ECON312N Principles of Economics
Week 1 Discussion
Scarcity or the Invisible Hand
Required Resources
Read/review the following resources for this activity:
Textbook: Chapter 1, 2
Lesson
Minimum of 1 scholarly source (in addition to the textbook)
Introduction
Select and respond to one of the following options:
Option 1: What assumptions about the economy must be true for the invisible hand to work? To what extent are those assumptions valid in the real world? Do these conditions hold in the social service industries?
Option 2: As illustrated in the text, society must make trade-offs in terms of what society produces. Examine these trade-offs in the context of the production possibilities frontier. Use a social service industry such as healthcare as an example. Make sure to address productive efficiency, allocative efficiency, and opportunity costs.
Follow-Up Post Instructions
Respond to at least two peers or one peer and the instructor. Respond to a peer who chose the option you did not choose. Further the dialogue by providing more information and clarification. Refer to the rubric for the criteria required for a response to be considered substantive.
Writing Requirements
Minimum of 3 posts (1 initial & 2 follow-up)
Minimum of 2 sources cited (assigned readings/online lessons and an outside scholarly source)
APA format for in-text citations and list of references
ECON312N Principles of Economics
Week 2 Discussion
Demand, Supply, and Market Equilibrium for Labor and Wages
Required Resources
Read/review the following resources for this activity:
Textbook: Chapter 3, 4, 5
Lesson
1 source including local wage information (can be the BLS site)
Minimum of 1 scholarly source (in addition to the textbook)
Optional Resource
Link (website): Bureau of Labor Statistics: Occupational Employment Statistics (Links to an external site.)
Introduction
Research the local job market including the wage for the position you want when you graduate. Data is available from the Bureau of Labor Statistics; however, you can use other wage information sources. In your post, address the following:
Indicate the position, the national average wage, and the wage in your specific geographic location.
Examine the factors that influence the wage.
What specific local factors influence the wage and in what direction?
What national factors influence the wage and in what direction?
Was the data what you expected? Why or why not?
How does this information impact your choices about your future career and employment or relocation plans?
Follow-Up Post Instructions
Respond to at least two peers or one peer and the instructor. Further the dialogue by providing more information and clarification. Refer to the rubric for the criteria required for a response to be considered substantive.
Writing Requirements
Minimum of 3 posts (1 initial & 2 follow-up)
Minimum of 3 sources cited (assigned readings/online lessons, a local wage source, and an outside scholarly source)
APA format for in-text citations and list of references
ECON312N Principles of Economics
Week 3 Discussion
Concepts of Cost Structures under Perfect Competition
Required Resources
Read/review the following resources for this activity:
Textbook: Chapter 7, 8
Lesson
1 news article
Minimum of 1 scholarly source (in addition to the textbook)
Initial Post Instructions
For the initial post, address the following:
Locate a news article discussing a social services business failure or closure. Using the concepts in the lesson and Chapter 7, identify the root causes for the failure, examining the short run and long run. Use graphs if necessary.
Assume the business was in a perfectly competitive market. How do firms in a perfectly competitive market determine price and profit-maximizing output levels? How did these conditions affect the decision to close?
Follow-Up Post Instructions
Respond to at least two peers or one peer and the instructor. Further the dialogue by providing more information and clarification. Refer to the rubric for the criteria required for a response to be considered substantive.
Writing Requirements
Minimum of 3 posts (1 initial & 2 follow-up)
Minimum of 3 sources cited (assigned readings/online lessons, a news article, and an outside scholarly source)
APA format for in-text citations and list of references
ECON312N Principles of Economics
Week 4 Discussion
Market Concentration of Firms and the Determination of Price and Output
Required Resources
Read/review the following resources for this activity:
Textbook: Chapter 9, 10
Lesson
Minimum of 1 scholarly source (in addition to the textbook)
Initial Post Instructions
Consider the following statement:
Firms in the healthcare industry do not seem to have features of a perfectly competitive market structure and, therefore, must not be classified as such. Those firms fall somewhere within the continuum from monopolistically competitive and oligopoly markets to monopoly markets (specifically regional monopolies).
For the initial post, decide if you agree or disagree with the statement.
If you agree with this statement, provide at least two examples of firms in the healthcare industry (pharmaceutical companies, medical centers, insurance companies, etc.), and identify the features the firms you selected have that make you believe that they should be classified in one or several of the following market structures: monopolistically competitive and oligopoly market structures; monopoly market structures.
If you disagree with the statement, name at least two firms in the healthcare industry (pharmaceutical companies, medical centers, insurance companies etc.), and provide reasons why those firms you selected can be classified as perfectly competitive firms.
Note: The two examples must come from different industry groups. For example, both firms cannot be insurance companies.
Follow-Up Post Instructions
Respond to at least two peers or one peer and the instructor. Further the dialogue by providing more information and clarification. Refer to the rubric for the criteria required for a response to be considered substantive.
Writing Requirements
Minimum of 3 posts (1 initial & 2 follow-up)
Minimum of 2 sources cited (assigned readings/online lessons and an outside scholarly source)
APA format for in-text citations and list of references
ECON312N Principles of Economics
Week 5 Discussion
Unemployment and Skills Mismatch
Required Resources
Read/review the following resources for this activity:
Textbook: Chapter 21
Lesson 1, 2
Link (website): Occupational Outlook Handbook (Links to an external site.)
Minimum of 1 scholarly source (in addition to the textbook)
Introduction
In the last few years, there has been a debate about the main causes of the high rates of unemployment during the Great Recession (2008-2009). One line of argument is that there is a misalignment between the skillsets required by employers and the skillsets of job seekers, which continues to keep millions of Americans out of the job market. In an article published in MIT Technical Review Business Report, Majcher (2014) reported that "employers have 300,000 unfilled manufacturing jobs," which she attributes to the lack of the required skills needed in the manufacturing sector (para. 1).
Since 2010, there has been a steady decrease in the unemployment rate. In fact, in its April 2018 Hiring and Unemployment report, the Labor Department presented the unemployment rate as 3.9%. Despite this low rate of unemployment, there is still a significantly large number of people who cannot find jobs. In research conducted by LiveCareer, it was reported that "companies claim they cannot find workers with the right skill sets, while workers complain that their existing skills are becoming obsolete due to technological change and automation of various job functions. Less skilled workers simply are not fit for many jobs in the digital age." (LiveCareer, 2018, para. 1). The lack of well trained and skilled workers, some worry, may have adverse consequences on the performance of the U.S. economy as the economy grows and the productivity of labor becomes increasingly crucial in sustaining the growth. As pointed out in their 2016 report, the Business Roundtable - an association of chief executive officers of America's leading companies - surveyed its members and reported that "as America continues to recover from the worst economic recession since 1930, our economic growth is hindered because the skills of today's workers have not kept up with requirements of current and future jobs" (p. 7). This state of affairs, the report argues, is caused by the fact that "the working-age of the population is growing at half the rate of the past century; labor force participation is holding steadily below that of the past three decades and baby boomers are retiring in record numbers" (p. 7). The report went on to state that "no amount of automation or technological innovation can overcome these headwinds if our nation does not take action to ensure that our labor force holds the skills needed for today's jobs and for the future" (p. 7).
Initial Post Instructions
For the initial post, select a field where there is a shortage in the labor force (or there will be a shortage in the future). This information can be found in the Occupational Outlook Handbook published by the Bureau of Labor Statistics (noted in the Required Resources section). Then, address the following:
Determine the impact of the shortage in the field you selected.
What educational and job training policy proposals would you like to see implemented to help resolve the apparent skills-mismatch in the field you selected?
Follow-Up Post Instructions
Respond to at least two peers or one peer and the instructor. Further the dialogue by providing more information and clarification. Refer to the rubric for the criteria required for a response to be considered substantive.
Writing Requirements
Minimum of 3 posts (1 initial & 2 follow-up)
Minimum of 2 sources cited (assigned readings/online lessons and an outside scholarly source)
APA format for in-text citations and list of references
ECON312N Principles of Economics
Week 6 Discussion
Inflation in the Costs of Education and Healthcare
Required Resources
Read/review the following resources for this activity:
Textbook: Chapter 22
Lesson
Link (website): Bureau of Labor Statistics: Employment Situation (Links to an external site.)
Minimum of 1 scholarly source (in addition to the textbook)
Introduction
The Consumer Price Index (CPI) is a measure of the average monthly change in the price for goods and services paid by urban consumers between any two time periods. There are three steps in calculating the CPI.
The cost of the CPI market basket is calculated at base year prices.
The cost of the CPI market basket is calculated at current period prices.
The CPI is calculated for the base period and the current period.
The CPI is used to calculate changes in the cost of living and changes in the value of money. To measure these changes, we calculate the inflation rate, which is the percentage change in the price level from one year to the other. Due to the volatility in the prices of certain goods and services, the CPI basket (that includes all items that Americans spend most of their incomes on) might not be a reliable measure of inflationary and deflationary periods. To get a more accurate measure of CPI, therefore, food and energy items are removed from the basket to get Core CPI (Consumer Price Index for All Urban Consumers: All Items Less Food & Energy [CPILFESL]). This measure of the cost of living is often used as a benchmark for changes in the cost of other goods and services.
Two key components of CPI are the costs of education and healthcare. These two variables constitute what is known in economics as human capital, which is a key determinant in the productivity of labor, and hence, essential for economic growth and development. In the last few decades, the value of these variables has risen faster than the value of the general level of prices (CPI), which they are subsets of. According to David Wiczer (2017), "the price of medical care has grown at an average annual rate of 5.3% while the entire basket (headline CPI) has grown at an average annual rate of 3.5%." He goes on to state that "In the past 20 years, in the regime of stable inflation, headline CPI has grown at an average annual rate of 2.2%, whereas the price level of medical care has grown at an average annual rate of 3.6% - about 70% faster" (para. 1).
As shown in Figure 1, the increases in the costs associated with Health and Education have consistently exceeded the overall cost of living during the period of observation (2000-2018). There are many consequences for the high cost of healthcare and education, not least of which are skipping expensive but necessary medical procedures, discouragement from pursuing career enhancing educational requirements, or resorting to educational loans with the potential for life-long financial consequences.
Graph showing increases in the overall cost of living (CPI) vs. increases in the costs of health and education
Figure 1: Increases in the Overall Cost of Living (CPI) Vs. Increases in the Costs of Healthcare and Education.
Initial Post Instructions
For the initial post, you will focus on health or education. Address the following, providing specific examples within the area of focus, perhaps what you have seen in your own communities as well as research:
What are the implications (including tradeoffs and effects) of the high cost of either health or education on the human capital needs of the U.S. economy?
What policies would you recommend to rein in these costs or at least to slow down their rate of increase?
Follow-Up Post Instructions
Respond to at least two peers or one peer and the instructor. Respond to a peer who chose the option you did not choose. Further the dialogue by providing more information and clarification. Refer to the rubric for the criteria required for a response to be considered substantive.
Writing Requirements
Minimum of 3 posts (1 initial & 2 follow-up)
Minimum of 2 sources cited (assigned readings/online lessons and an outside scholarly source)
APA format for in-text citations and list of references
ECON312N Principles of Economics
Week 7 Discussion
The Federal Deficit and National Debt
Required Resources
Read/review the following resources for this activity:
Textbook: Chapter 27, 28, 30
Lesson
Minimum of 1 scholarly source (in addition to the textbook)
Optional Resources
Link (website): U.S. National Debt Clock (Links to an external site.)
Introduction
The federal debt is symptomatic of the nation's persistent budget deficits as the national debt is the accumulation of budget deficits. Deficits grew steadily during the Great Recession when there was a significant shortfall in government revenue, which required that the government pursue an expansionary fiscal policy to stimulate the economy. The recession is now over, but the Trump administration, continues to pursue deficit spending. In a contribution to Forbes magazine, Chuck Jones (2018) points out that the U.S. Federal deficit was $587 billion in Obama's last year in office, and it grew to $666 billion in the first year of Trump's presidency. The Trump Administration's Tax Reform plan and the two-year bipartisan budget, which passed in February 2018, are estimated, by many accounts, to cause the federal deficit to exceed 1 trillion dollars by 2020 (Jones, 2018). The implication of this growing deficit is a further increase in the national debt.
From 1965 to through 2019, there has been a persistent increase in the federal debt. This trend became more pronounced during (and in the aftermath of) the recession of 2008-2009. As shown on Figure 1, in September of 2017, for example, the national debt rose to 20.24 trillion U.S. dollars. This disturbing increase in the federal debt is likely to increase the per capita debt burden for each American citizen. According to Statistica (2018), if the debt owed in 2016 were distributed to every American citizen, the amount owed per capita would be 60,470 U.S. dollars. The current figure is available at the U.S. National Debt Clock website.
Graph of total public debt
Figure 1: Federal Debt: Total Public Debt
As the U.S. federal debt increased over the years, so did the federal debt as a percentage of GDP. From 1965 to 2018, there has been a general increase in the federal debt as a percentage of GDP. Remarkably, this increase was very pronounced during (and in the aftermath) of the recession of 2008-2009, after a brief decline from 1995 to 2002. As shown on Figure 2, in the fourth quarter of 2017, the Debt to GDP ratio was 104%. The ratio compares what the U.S. owes to what it produces, and it serves as an indication of the U.S.'s ability to pay its debt. This number can also be interpreted as the number of years it would take for the U.S. to pay back its debt if the nation's GDP is used entirely to pay back its debt (Statistica, 2018).
Graph of total public debt as a percent of GDP
Figure 2: Federal Debt: Total Public Debt as a Percent of GDP
Initial Post Instructions
For the initial post, address the following:
Do you agree that the constitution should be amended to include a balanced budget requirement? Why or why not?
If you agree with a constitutional amendment, can you identify one reason why some people may be opposed to it? What proposals would you make to allay the concerns of those people?
If you disagree with a constitutional amendment, can you identify a line of argument – made by the proponents of the constitutional amendment – that you find compelling? What do you find persuasive about that line of argument?
Follow-Up Post Instructions
Respond to at least two peers or one peer and the instructor. Further the dialogue by providing more information and clarification. Refer to the rubric for the criteria required for a response to be considered substantive.
Writing Requirements
Minimum of 3 posts (1 initial & 2 follow-up)
Minimum of 2 sources cited (assigned readings/online lessons and an outside scholarly source)
ECON312N Principles of Economics
Week 8 Discussion
International Trade
Resources
Read/review the following resources for this activity:
Textbook: all chapters
Lesson
Minimum of 1 scholarly source (in addition to the textbook)
Initial Post Instructions
Choose one of the following options:
Option 1: Global Trade and the Quality of Life
It has been said that global trade improves the quality of life. Using research, argue either for or against the statement that global trade improves the quality of life.
For the initial post, address the following:
Do you believe that this statement is true? Why or why not?
Are there examples of global trade lessening the quality of life in a particular country or region? Provide details to support your answer.
Does everyone benefit equally from global trade? Why or why not?
Option 2: International Agreements and Organizations
Choose one of the following agreements or organizations to address trading concerns:
The World Trade Organization (WTO)
The International Monetary Fund (IMF)
The World Bank
North American Free Trade Agreement (NAFTA)/United States-Mexico-Canada Agreement (USMCA)
The European Union (EU)
The Asia-Pacific Economic Cooperation (APEC)
For the initial post, address the following questions:
What has this agreement or organization done to promote trade?
What would business be like without this agreement?
What countries are benefiting most from the organization or agreement?
Are any countries hurt by the organization or agreement? Why or why not?
What recommended changes would you provide?
Follow-Up Post Instructions
Respond to at least two peers or one peer and the instructor. Respond to a peer who chose the option you did not choose. Further the dialogue by providing more information and clarification.
Writing Requirements
Minimum of 3 posts (1 initial & 2 follow-up)
Minimum of 2 sources cited (assigned readings/online lessons and an outside scholarly source)
APA format for in-text citations and list of references
ECON312N Principles of Economics
Week 1 Assignment
Essay – Scarcity
Required Resources
Read/review the following resources for this activity:
Textbook: Chapter 2
Lesson.
Minimum of 2 scholarly sources
Instructions
Scarcity effects access to all products and services. Select for one of the following options for your topic and write an essay addressing all noted requirements:
Option 1: The Colorado River Compact allocates Colorado River water among eight states and Mexico. When the compact was originally negotiated, the region was sparsely settled so the focus was on agriculture use. Since that time, the population in the southwest has grown tremendously, changing the demands and stresses on this vital river. You have been given direction by the Federal government to fix the Colorado River Compact.
Option 2: You run a large health insurance company with a good reputation that tends to keep policyholders. What criteria would you use to balance the scarcity of resources (premiums), change the services provided, and/or influence the costs of claims?
Option 3: Select an existing product or service. Explain how scarcity affects the production or the market for the product or service. As the manager of the company, what decisions can you make to reduce the effects of scarcity?
For All Responses
Find at least two articles in the Chamberlain library that discuss your research topic and how it is affected by scarcity. Include them as support for your points.
Include the following in your essay:
A summary of the effects of scarcity
A recommendation to reduce the effects of scarcity with a reallocation of resources
Note: Your recommendation should reduce the effects of scarcity with the same given budget, staffing, and other resources.
ECON312N Principles of Economics
Week 2 Assignment
Mini Presentation: Supply and Demand
Required Resources
Read/review the following resources for this activity:
Textbook: Chapter 3, 4, 5
Lesson
Link (website):?Narrated PowerPoint Tutorial?
Minimum of 1 news article
Introduction
Select a product or service provided in any industry. In a narrated PowerPoint presentation, address the following:
Identify the current market equilibrium price.
Examine how the information in the news article will change the market supply or demand for the product or service and how it will influence the new market equilibrium price.
Will the change identified in the article be good or bad for consumers? Explain why this is so.
Review the Narrated PowerPoint Tutorial for help with your narration.
ECON312N Principles of Economics
Week 3 Assignment
Essay – Competitive Market Structure
Required Resources
Read/review the following resources for this activity:
Textbook: Chapter 7, 8
Lesson
Minimum of 2 scholarly sources (other than the textbook and article noted in the instructions/references)
Instructions
For the assignment, address the following:
List and briefly explain the features of a perfectly competitive market structure.
How do firms in a perfectly competitive market determine price and profit-maximizing output levels? (Note: You will be building on your discussion post related to this question in the paper. Be sure to do more than just repeat what you stated in the discussion; instead, expand upon it based on feedback and dialogue and further research from our work this week.)
According to Papanicolas, Woskie, and Jha (2018), the main drivers of the cost of healthcare in the U.S are "labor and goods, including pharmaceuticals and devices, and administrative costs" (Key Points section, para. 2). This (labor and goods as drivers of cost) occurs in higher education and in the arts as well. Imagine that you are the Chief Financial Officer (CFO) of a large medical facility, a higher education institution, or an arts organization (select one to frame your response). What cost-cutting measures would you propose to address the excessive cost of operating the facility while maintaining the quality of services?
Click on the link to read an excerpt from the article:
Link: Excerpt from Papanicolas, Woskie, and Jha (2018)
Writing Requirements (APA format)
ECON312N Principles of Economics
Week 4 Assignment
Mini Presentation – Market Failure
Required Resources
Read/review the following resources for this activity:
Textbook: Chapter 9, 10
Lesson
Link (website):?Narrated PowerPoint Tutorial?
Minimum of 1 news article
Introduction
Market failures occur throughout the economy. Locate an article discussing a market failure. In a narrated PowerPoint presentation, summarize what occurred.
Present the issue from the company's perspective:
What were the benefits to the company?
Did the benefits to the company provide additional positive externalities?
Next present the issue from society's perspective.
How was society damaged by the company's action?
Based on your assessment, did the market failure result in a net benefit or cost to society overall? Explain why.
Review the Narrated PowerPoint Tutorial for help with your narration.
Presentation Requirements
ECON312N Principles of Economics
Week 5 Assignment
Presentation – Unemployment Analysis
Resources
Read/review the following resources for this activity:
Textbook: Chapter 21
Lesson 1
Link (website): FRED Economic Data (Links to an external site.)
Link (website):?Narrated PowerPoint Tutorial?
Minimum of 2 scholarly sources
Introduction
This assignment is based on the exploration and analysis of unemployment. These variables are compiled by the Bureau of Economic Analysis and are used extensively by the Federal Reserve of St Louis, in a database called FRED (Federal Reserve Economic Data), which is made up of nearly 140,000 economic time series from more than 50 data producers.
Activity Instructions
For this assignment, review and analyze the graphs developed using the FRED graphing tool. Note that the shaded areas on the graph show periods during which there were recessions.
Present your information in a narrated PowerPoint presentation. Copy and paste the graphs into your presentation. Include the following:
A slide for each series graph (A-D) with an assessment of the labor market during the period of the Great Recession (2007 to 2009). Compare to the time before and after the great recession.
Provide a comparative analysis of the performances of the variables versus FRED's UNRATE variable.
Pick one (1) of the series of graphs and analyze the economic factors that account for the differences in unemployment rates.
Measuring Unemployment
Items A-D below will require the analysis of Multi-Series Graphs.
A. Measures of Unemployment
The Civilian Unemployment Rate (FRED code: UNRATE) from 1997 (January) to 2019 (January). (Note: this is the official Unemployment Rate)
A Multi-Series Graph and plot Special Unemployment Rate (FRED Code - U6RATE) from 1997 (January) to 2019 (January). (Note: this is Total Unemployed, Plus All Marginally Attached Workers, Plus Total Employed Part-Time for Economic Reasons, as a Percent of the Civilian Labor Force plus all Marginally Attached Workers).
FRED graph – measures of unemployment
Figure 1: Civilian Unemployment & Total Unemployment
B. Educational Attainment
Unemployment Rate - Bachelor's Degree and Higher, 25 years and over (FRED code: LNS14027662) from 1997 (January) to 2019 (January).
A Multi-Series Graph and plot Unemployment Rate - High School Graduates, No College, 25 years and over (FRED code: LNU04027660) from 1997 (January) to 2019 (January).
FRED graph – educational attainment
Figure 2: Unemployment Rate: College Graduates & High School Graduates
C. Gender
Unemployment Rate - Men (FRED code: LNS14000001) from 1977 (January) to 2019 (January).
A Multi-Series Graph and plot Unemployment Rate - Women (FRED code: LNS14000002) from 1977 (January) to 2019 (January).
FRED graph – gender
Figure 3: Unemployment Rate by Gender
D. Race
Unemployment Rate - White (FRED code: LNS14000003) from 1977 (January) to 2019 (January).
A Multi-Series Graph and plot Unemployment Rate - Black (FRED code: LNS14000006) from 1977 (January) to 2019 (January).
A second Multi-Series Graph plotting Unemployment Rate - Hispanic (FRED code: LNS14000009) from 1977 (January) to 2019 (January).
FRED graph – race
Figure 4: Unemployment Rate by Race
Review the Narrated PowerPoint Tutorial for help with your narration.
ECON312N Principles of Economics
Week 6 Assignment
Essay – Key Types of Inflation and the Social Implications
Resources
Read/review the following resources for this activity:
Textbook: Chapter 22, 24
Lesson
Minimum of 2 scholarly sources
Instructions
For this assignment, address all of the following parts:
Part A. Describe a hypothetical situation where either demand-pull or cost-push inflation occurs, addressing how the situation affects either the AD or AS curve, as well as the implications for prices and the overall effect on the economy. (Think about the circular flow model to help answer this question). You may include a graph to help illustrate your point.
Part B. Pick one of the populations listed and describe how inflation impacts this population in your example. Are their lives improved, about the same, or worse off? Describe why.
Unemployed
Retired
Homeowners (mortgage holders and/or people who have paid off their homes)
Young families
Working poor
The rich
Part C. What action can society (the government) take to minimize the negative impact on those most affected by the inflationary event? What trade-offs does society have to make? Make sure that your proposal has a reasonable chance of being passed by the country's elected officials. Please use research to support your response.
ECON312N Principles of Economics
Week 7 Assignment
Presentation – Economic Analysis
Required Resources
Read/review the following resources for this activity:
Textbook: Review all chapters (Weeks 1-7)
Lesson: Week 1-7
Link (website):?Narrated PowerPoint Tutorial?
Minimum of 2 scholarly sources
Instructions
You have been hired by the Federal Government to explain a little about the current economic conditions and make recommendations to keep the economy moving at its current pace and help ensure all citizens benefit from their decisions. In an unprecedented move, the President, the Congress, the Senate and the Federal Reserve have all agreed to follow your recommendations provided they don't upset their constituents. As such, you will have the ability to recommend adjustments to both fiscal and monetary policy as well as any other legislation
For this assignment, develop recommendations. Present your recommendations in a narrated PowerPoint presentation. Include the following information:
Summarize the current state of the economy (AS-AD curves).
Explain proposed fiscal, monetary, and legislative changes.
Identify the economic impact of the fiscal, monetary and legislative changes.
Detailing the costs (or revenue generated by) of any fiscal policy or legislative changes.
Detail any tradeoffs that were made. (Who benefited? Who ended up paying more?)
Indicate how or why the country and society is better off based taking your team's guidance.
Review the Narrated PowerPoint Tutorial for help with your narration.
The Current Economy
The economy has been improving over the past several years. Unemployment is down at 3.5%, wages grew by 2% last quarter and last year's GDP grew by the most in recent history. Over the past month or so, prices appear to be rising.
ECON312N Principles of Economics
Week 8 Assignment
Mini Presentation – International Trade
Required Resources
Read/review the following resources for this activity:
Textbook: Chapters 29, 33, 34
Lesson
Link (website):?Narrated PowerPoint Tutorial?
Minimum of 2 scholarly sources
Introduction
International trade has been said to promote economic growth, increase choices, and reduce costs for consumers. Pick a service industry and develop a narrated PowerPoint presentation. Include the following information:
What types of trade have you observed affecting the industry?
Does the industry benefit, or is it negatively affected by international trade?
Who are the "winners" and the "losers" from the transactions?
Should society take action to ensure the "losers" benefit in some way from the trade transactions? Why or why not? If action is to be taken, what should it be? How would it improve overall welfare?
Review the Narrated PowerPoint Tutorial for help with your narration.
