ECN102 Articles and Video Analysis

Analyzing these three articles separately. 1. Considering the contents of the articles and the economics perspective does college make good economic sense?Remember:1) write in third person 2) apply the economic principles and concepts from the economics perspective into discussion contributions 3) Using bullet points explain in detail how the contents of the article relate to: The Economics Perspective definition of economics -scarcity choices costs Rational Behavior Opportunity Cost Marginal analysis – MB vs MC Incentives matter Economic events create secondary effects Generalizations Other things equal – ceteris paribus; Macroeconomics vs Microeconomics; Positive Economics vs Normative Economics; 8 Economic goals; Economic fallacies; Voluntary trade; Economic models – Economic theory’s ability to predict The five questions an economic system must answer: 1. What to produce? 2. How much to produce? 3. How to produce it? 4. For whom to produce it? 5. How to accommodate change? The difference between market-based capitalism and central planning command systems socialism regarding answering the five questions The four lessons from the production possibilities model: 1. limitations of production for the time being given fixed resources and fixed technology 2. choices tradeoffs and costs 3. 3 types of economic efficiency — full employment productive efficiency and allocative efficiency 4. economic growth generated by an increase in the quantity or quality of resources or improvement in technology/productivity. 4) explain ideas in detail using economic logic: Requirements: 1500 Identify the market Identify the non-price determinant of supply or demand affecting the market (some scenarios may have an event affecting both supply and demand and therefore required two graphs) Identify changes to supply or demand Report results on price and quantity at new market equilibrium refer to the 4 graphs to explain results. Identify the marketIdentify the non-price determinant of supply or demand affecting the market (some scenarios may have an event affecting both supply and demand and therefore required two graphs)Identify changes to supply or demandReport results on price and quantity at new market equilibrium refer to the 4 graphs to explain results. ‘

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