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E2
(b) Construct one example for each of the following category statements.
(i) Positive (ii) Normative (iii)
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Solved in 2 steps
- Classify the following as microeconomics or macroeconomics and provide a justification for your choice.(a) Research into why the growth rate of total production increased.(b) A theory of how consumers decide what to buy.(c) An analysis of IBM's share of the personal computer market.(d) Research on why interest rates in a country were unusually high.1. How can we apply the core principles of scarcity, choice, opportunity cost and cost-benefit analysis to the decision-making processes? 2. Explain the difference between micro economics and macroeconomics. 3. Demonstrate an understanding of the coordinate system by using it to outline the relationship between economic variables.(1) Classify the following topics as relating to microeconomics or macroeconomics. (5) a. a family’s decision about how much income to save b. the effect of government regulations on auto emissions c. the impact of higher national saving on economic growth d. a firm’s decision about how many workers to hire e. the relationship between the inflation rate and changes in the quantity of money
- Discussion Question:1)What is your opportunity cost of taking this course at UIU? When looking at this question, please focus on your alternatives of your decisions. Also, how does the role of scarcity affect the decisions that you have to make? or 2) Locate an article that details one or more of the five foundations. Summarize the article and provide detail supporting your case on one of the five foundations. What specific economic concept from the text is found in this story? How does this concept lead people to change their behaviors? What is your reaction to this story? How would you alter the plan to achieve a different outcome? Look to answer at least two of the questions above.ACTIVITY TO DO: ESSAY: Explain the question in five (5) sentences 1. Identify which of the following statements are examples of positive analysis or normative analysis? a. The Congress proposed a minimum wage for workers at NCR to be 600 and 500 for other regions. b. Medical benefits to the elderly under Medicare be available only to those with incomes below 10,000. c. A free of charge on vaccines for COVID19 as assistance to all 4P's recipient. 2. Stephanie is deciding whether or not to have another piece of cheesecake for lunch. Identify how Stephanie can use the principle of marginal analysis to decide whether or not to eat this piece of cheese cake. 3. Why is it that Economics is best identified as the study of how people, businesses, governments, and societies? 4. In your opinion, which economic interests are more important, those involving individuals or those involving society 5. Give an example of an economic choice that must be made by government from time to time. What…Jim is at an all-you-can-eat buffet and is considering whether or not to get another plateful of food. What type of analysis should he be doing if he is thinking rationally? (A) Marginal analysis (B) Positive analysis (C) Normative analysis (D) Free-market analysis (E) Collective analysis
- The idea of _________ in economics is that we have unlimited wants but limited resources. (A) Opportunity costs. (B) Scarcity (C) Marginal analysis (D) Specialization (E) Normative economicsI. Theoretical Analysis 1. Each individual student or team (two students max) must find an article from the New York Times, The Economist, The Wall Street Journal, or The Financial Times (or a pre-approved alternate reputable news source) that addresses a concept we have covered in class and interests you. You will need to do a theoretical analysis for a news article, so choose one that is sufficiently in-depth and has some material to discuss. 2. Each team will have to turn in a typed analysis of their article (double-spaced, four pages maximum). You must also turn in a copy (not just a link) of the article you have chosen. 3. Each analysis should include at a minimum: i) One paragraph summarizing the article; Be brief! ii) One paragraph relating the article to theories we have discussed in class; Please draw relevant graphs or write down equations here. iii) One paragraph for the interpretation; Provide your explanation if the macroeconomic theory does not fit into your article. Is…A: Key concepts 1. An individual is observed throwing money into the sea. Is this behaviour consistent with the optimisation principle? 2. "Market forces should be allowed to allocate resources". Is this a positive or normative statement?
- (e) expalin normative economic analysis (f) explain market economy in your own words. (g) what do you mean by centrally planned economy? (h) sugar industry is a subject matter of micro economics. Give reason?In summary, how has the study of the history of economic thought been helpful/not helpful for you? How can you apply this to your future endeavors and life?Question: Which of the following best illustrates the economic way of thinking? a)The ability to use cartographic techniques to describe the natural and human world in maps. b)The science of predicting fish populations based on environmental conditions, population, dynamics and commercial harvest rates c)The capacity to critically evaluate art and theatre. d)The ability to look at an event, such as a cold freeze that damages the orange crop, and predict how it will affect prices and markets.