Principles of Economics

In: Business and Management

Submitted By markietta
Words 432
Pages 2
Chapter 8 Assignment
1. Explain how increases in worker productivity can lead to an increase in the standard of living.
A: The most widely used measurement of the material standard of living is gross domestic product (GDP) per capita. In the U.S., as in most developed nations, the standard of living has been improving over time. However, its rate of change varies as a result of business cycles that affect prices, wages, employment levels, and the production of goods and services.
2. What do you see as the most significant advantages and disadvantages of telework?
Advantages:
a. Allows employees to be effective and productive from wherever they are
b. Employee morale
c. Able to complete routine assignments without office disruptions
d. Avoid long stressful commutes
Disadvantages:
a. Not having all necessary materials to complete a task
b. Some employees are not able to be productive workers away from the office
c. Allowing teleworkers to access organizational data and systems from remote sites creates potential security issues.
d. Managers have a hard time monitoring the quality and quantity of the work performed by teleworkers.
3. Explain how the development and use of new medical technology, such as new diagnostic procedures and treatments, has increased spending and accounts for one-half to two-thirds of the increase in healthcare spending in excess of general inflation.
A: Many experts point to two primary causes for cost increases: the use of more expensive technology and the shielding of patients from the true costs of medical care.
4. Should the medical industry place more emphasis on using older medical technologies and containing medical…...

Similar Documents

Principle of Economic

...------------------------------------------------- Course Syllabus XECO/212 PRINCIPLES OF ECONOMICS (AXIA) Course Start Date: 10/15/2012 Course End Date: 12/16/2012                   Please print a copy of this syllabus for handy reference. Whenever there is a question about what assignments are due, please remember this syllabus is considered the ruling document. Course Description This course introduces the fundamental theories of microeconomics and macroeconomics. The economic principles studied in this course apply to everyday life as students research an industry, debate issues with trade agreements, discuss the effects of a shift in labor supply and demand, and discuss the strengths and weaknesses of the Consumer Price Index calculation. In particular, students research an industry affected by the economy and perform an economic analysis of the chosen industry. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: University policies: You must be logged into the student website to view this document. Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies......

Words: 2705 - Pages: 11

Principles of Economics

...Principles of Economics Kenneth Price Professor Sergio A. Hernandez Strayer University ECO 100, 113PA037-1132-001 January 26th, 2013 How would an economist approach the problem of alcohol abuse? According to David H. Jernigan, PhD of the Johns Hopkins Bloomberg School of Public Health, alcohol abuse presents a significant public health problem and raising the tax on alcohol would have the most significant impact to decrease alcohol consumption. Excessive alcohol use causes 79,000 deaths per year and it is the number one leading cause of drug problems among youths. Jernigan writes “People increase their drinking when prices are lowered and increase their consumption when prices rise”. He further states “Alcohol demand is elastic: In the U.S., a 10% increase in the price of alcohol would lead to a 7.4% drop in beer consumption, a 4.9% drop in wine consumption and a 14.7% drop in distilled spirits consumption (Jernigan, D.H. nd). Operating on the assumption that people use their disposable income to consume alcohol, Jernigan concludes that the more expensive the price of alcohol, the less people will be able to afford and this includes people addicted to it and young people. He is most likely correct in his assumption as it conforms to the principles of supply and demand. When prices rise, demand drops. It is interesting to note that Jernigan predicts only a 4.9% decrease in the consumption of wine. One can surmise that the typical wine aficionado has more disposable......

Words: 1224 - Pages: 5

Principle of Economics

...Joseph Niehl Baron (李健雄) College of Social Science Department of Economics B00303118 Dear Professor or whoever may concern, Due to lack of fund I was not able to buy our syllabus yet, and I was not able to complete the suggested homework. So, instead of doing nothing, I have decided to hand in my personal simplified summary. I will get my syllabus as soon as possible, I apologize for your inconvenience. Best regards, Joseph Niehl Baron *********************************************************** Chapter II: Thinking like an Economist Principle of Economics 1. Every field has it’s own language and it’s own way of thinking. 2. The Economist as Scientist a. Economists two roles: Scientists / Policy advisors b. Devise theories, collect data, analyze data to verify or refute c. Scientific method: Observation and theory 3. Assumptions and models a. Assumptions can simplify the complex world and make it easier to understand b. Use models to learn about and illustrate the world. c. First model: The circular flow diagram: is a visual model of the economy that shows how dollars flow through markets among households and firms. d. Second model: The production possibilities frontier: is a graph that shows the various combinations of output that the economy can possibly produce given the available factors of production and the available production technology 4. Microeconomics and Macroeconomics a.......

Words: 318 - Pages: 2

Economic Principles

...Unit One: Introduction Chapter 1: Ten Principles of Economics Learning Objectives * Learn that economics is about the allocation of scarce resources * Examine some of the trade-offs that people face * Learn the meaning of opportunity cost * See how to use marginal reasoning when marketing decisions * Discuss how incentives affect people’s behavior * Consider why trade among people or nations can be good for everyone * Discuss why markets are good, but not perfect, way to allocate resources * Learn what determines some trends in the overall economy Ten Principles of Economy * Management of society’s resources is important because resources are scarce * Scarcity – limited nature of society’s resources * Economics – study of how society manages its scarce resources How People Make Decisions Principle #1: People Face Trade-offs * To get one thing we like, we must give up another. Making decisions requires trading off one goal against another * Classic trade-off is between “guns and butter”. The more we spend on national defense, the less we spend on consumer goods to raise our standard of living at home * Trade-off between a clean environment and a high level of income is another modern conflict. Pollution regulations raise the cost of producing goods and services, causing firms to earn smaller profits, paying lower wages, charging higher prices, ect… * Another trade off society faces is efficiency and equity. ......

Words: 1233 - Pages: 5

Economics Principles

...ECO-205 Week #5 CheckPoint: Labor Market Scenario The first chapter of Principles of Economics discussed the 10 principles of economics. Two principles that help explain how wages are determined in a market economy are #1, People Face Tradeoffs, and #7, Governments Can Sometimes Improve Market Outcomes (Mankiw, 2004). Consider these principles when completing your assignment. Think of how they apply to the labor market for nurses. Research the labor market for any state to determine how nursing wages are calculated. Use the Internet for this research. Write a 700- to 1,050-word paper, in which you complete the following: o   Cite the state and the URL of the Web site used in your research. o   Address which factors may influence the supply and demand for nurses. o   Discuss how a nurse’s pay is determined and how the salary is structured. Discuss what your chosen state can do to increase the supply of nurses.  Include at least one appropriately cited and documented quotation to support a point. Include at least one appropriately cited and documented paraphrase to support a point. ANSWER For many years now, the state of California has seen a significant growth in population. California has become a center of work and play. Millions of people have come to live in sunny California, attracted by its weather, coastline, mountains, and the many jobs in high tech and the entertainment industry, among others. California is the most populous state in the......

Words: 1133 - Pages: 5

Economic Principles

...Introduction Economic principles are thought not to go hand in hand with natural science laws. These are laws or principles upon which the economy should be build. This is the discipline which economists use when applying economics. Basis, a text book written by Alfred Marshall (1890 Principles of Economics) who was born in 1842 in Bermondsey, London, England, died 13 July 1924 in Cambridge, England) who was a great economist in his days for a long time and his book dominated England for a considerably lengthy period of time. He is known to be one of the economics founders. His book brings to life the ideas mentioned below. Marshall saw the work of economics was to improve the living standards of the people and eliminate poverty. In his book Marshall had many original ideas however; he added an improved version of W.S Jevons ideas. Supply and Demand Supply and demand are thought to be some of the most primary ideas of economics and is surely the backbone of any market economy. Demand refers to the quantity (How much) of service or a product people are ready to buy at a given prize, supply refers to the quantity the market can offer. Marshall recognized that in the short run the value of the market depends on demand mainly, and that it is not possible to change supply. The relation between demand and supply, determine the forces behind the distribution of resources thus ensuring efficiency. The law of demand states that, if all other factors......

Words: 649 - Pages: 3

Principles of Economics

...Principles of Economics Tommy R. Session Principles of Economics-ECO 100 Professor Dr. James Butikofer 11 Nov 10 1. You own a local sub shop in a college town. You primarily serve two groups of people: local residents (both students and other local residents) and visitors to your town. Devise a price discrimination strategy that will increase your revenues compared to a single-pricing strategy. First the groups must be divided according to their willingness to pay. The first group will be the students. Must students expect to receive some type of discount just because they are students. The average student does not work a full time job so their income is usually lower than the other local residents. Any student with a current student identification card will receive 10% off their purchases. The second group will be the non-student locals, most of this group will familiar with any competitors and they will have a choice to which business they will patronize. This group will receive a 10% discount on any combination meal after their first combo meal purchased on the same visit. This special pricing will be offered occasionally and will mainly be used when the college population is usually not in town (semester breaks, holidays & normally school closings). The third group will be the town visitors, this group will have no special pricing plan because they are usually not willing to drive around to look for competitors’ establishments.   2.     ......

Words: 702 - Pages: 3

Principles of Economics

...Business Principles of Economics Final Project- A New House Decision Lisa Joe Faculty, University of Phoenix Probably the most important decision in your live is to buy a home and certainly there are many factors that need to be considered. The first step is to figure out how much you can afford to spend on a new home. In order to figure out how much you can spend in a home is to work on a personal budget that will reflect how much you're spending on everyday things. A good budget will help guide you to the right price range of homes as well as prevent you from spending more than you should on your house. This can happen when the bank says you can afford a certain price range of homes based on your income and debt, but they haven't taken into consideration all of your expensive hobbies, your monthly child care expenses, the fact that your car may need maintenance and emergency situations also you probably don't want to have to change your lifestyle in order to buy a more expensive home. By having control of your personal budget, you can compare your own numbers with what the bank is willing to lend you to come up with a very manageable mortgage payment that will let you continue the same lifestyle you currently have and avoid to enter in a debt that you may not able to fulfill and end up losing your saving. Part of coming up with a budget will be to consider the principles of economics, especially the “People Face Trade-Offs”; this particular principle......

Words: 1680 - Pages: 7

Economic Principles

...Analysis: Propane shortage The Economic Principles of the Propane Shortage of 2013-14 Analysis: Propane shortage The Economic Principles of the Propane Shortage of 2013-14 During the winter months, propane is a necessary resource for many families and businesses. In an article written by Elisha Fieldstadt with NBC news, the details of the shortage, and the plans to ease the effects are detailed for the public. Propane is a versatile fuel sourced used in households and in a variety of businesses. In some households, propane is used as the major heat source for furnaces or fireplaces. It can also be used for stoves, clothes dryers and hot water heaters (Propane Education and Research Council, 2014). In fact, more than “14 million families across the U.S. use propane to fuel their furnaces,” (Fieldstadt, 2014) according to the Propane Education and Research Council. Due to extreme winter weather conditions this season, parts of the U.S. are experiencing a severe propane shortage. The supply of propane stock in many states have hit extreme lows this winter. As continued severe cold temperatures and accumulating winter storms blanket much of the northern half of the United States, supplies will continue to suffer and millions of Americans will be without heat. Government officials in 17 states have taken swift action to focus on getting much needed propane to homes and businesses. In Ohio, the governor declared an energy emergency that “permits propane......

Words: 1067 - Pages: 5

Economic Principles

...Economic Principles Duane Sherry university of phoenix ECO 561 Karen Yancey September 16, 2013 Economic Principles This paper will apply the economic principles presented in weeks one through three. An economic analysis of a unit that projects what is on one’s laptop onto a television screen via wifi or blue tooth and allows the user to in effect use their television screen as their monitor will be proposed. Statements about market structure and the elasticity of demand for the product will be covered. Hypothetical data, based on similar real world products to estimate fixed and variable costs will be presented. According to Wang and Zheng (2012), the relationship between the market structure’s distinctions and production structure’s parameters can have a significant effect on an organization’s profit. Correctly identifying the market structure is an integral step in pricing and selling a product. The market structure for the unit described above is a purely competitive market structure. A purely competitive market structure’s characteristics include but are not limited to the following: perfectly elastic demand at the pre-determined price is dictated by market supply, members of this market structure are price takers, and any additional units sold above the constant product’s price will add profit to firm’s total revenue. Pricing will relate to the elasticity of the product due to the demand being dependent on price. According to Bolton (1989), price......

Words: 1270 - Pages: 6

Principles of Economics

...their risky behavior after they purchase insurance. Gregory, M. (2012). The Basic Tools of Finance. Principles of Economics (7 ed., pp. 573-574). Stanford: Cengage Learning. 2. What is diversification? Does a stockholder get a greater benefit from diversification going from 1 to 10 stocks or going from 100 to 120 stocks? Diversification is the reduction of risk achieved by replacing a single risk with a large number of smaller unrelated risks. A stockholder will get more diversification going from 1 to 10 stocks than from 100 to 120 stocks. Gregory, M. (2012). The Basic Tools of Finance. Principles of Economics (7 ed., pp. 574-575). Stanford: Cengage Learning. 3. Comparing stocks and government bonds, which type of asset has more risk? Which pays a higher average return? Stocks have more risk because their value depends on the future value of the firm. So in return it will always have a higher risk; Stocks will have a higher return with the average of 8 percent a year and bond an average of 3 percent a year. Gregory, M. (2012). The Basic Tools of Finance. Principles of Economics (7 ed., pp. 575-576). Stanford: Cengage Learning 4. Is unemployment typically short term or long term? Explain. Unemployment is typically short term. Most Individuals who become unemployed are able to find them new jobs pretty quickly. Gregory, M. (2012). Unemployment. Principles of Economics (7 ed., pp. 586-591). Stanford: Cengage Learning 5. Are minimum wage laws a better......

Words: 484 - Pages: 2

Principle of Economics

...PRINCIPLED OF ECONOMIC Principles of Economics Veronica Thibodeaux Dr. Chebe 2/3/2015 Introduction In this paper I will disuses 4 key point about this article. First are Laws and supplies it is a pattern of behavior. Second is price elasticity of supply it is a concept to measure of ways to get consumers to changes it price. Third we have Market equilibrium it demand equal quantity supplies at the market price then we have opportunity cost it about making choices to make good first we must compare benefit of something cost. I will be talking the prices of the oil. Two highlight price elasticity is one this article talks about how oil took its lowest hit for the second straight day the stock market took a big hit when market sank at its lowest in six years. This is hurting the energy companies. This is a price change in demand the banks are being patient about raising its interest rate to zero. Which was to be expected? It is said that nothing is to expand at a solid pace .and create job growth Market equilibrium plays a part in this. The market is happy that the fed are saying things are great meaning that market would get it hand at the first price rate. The energy depart U.S. oil rose to its highest. The high supplies drove crude prices to the lowest level since March of 2009.the crude fell $1.78 to close at $44.45. Article Highlights According ( Rothwell 2015) oil weakening global economy which this could put a scare for some people. I think......

Words: 770 - Pages: 4

Principles of Economics

...Chapter 31: Open Economy Macroeconomics: Basic Concepts Principles of Economics, 7th Edition N. Gregory Mankiw Page 1 1. Introduction a. This another important chapter because its conclusions differ from those that you often read in the newspapers. b. We are shifting from a closed to an open economy. c. Closed economy is an economy that does not interact with other economies in the world. P. 660. d. Open economy is an economy that interacts freely with other economies around the world. P. 660. 2. The International Flows of Goods and Capital a. The Flow of Goods: Exports, Imports, and Net Exports i. Exports are goods and services that are produced domestically and sold abroad. P. 660. ii. Imports are goods and services that are produced abroad and sold domestically. P. 660. iii. Net exports are the value of a nation’s exports minus the value of its imports, also called the trade balance. P. 660. iv. Trade balance is the value of a nation’s exports minus the value of its imports, also called net exports. P. 660. v. Trade surplus is an excess of exports over imports. P. 660. vi. Trade deficit is an excess of imports over exports. P. 661. vii. Balanced trade is a situation in which exports equal imports. P. 661. b. Case Study: The Increasing Openness of the U.S. Economy, P. 661. i. Over the last 50 years, both exports and imports as a share of GDP have more than doubled due to improvements in (1) transportation, (2) telecommunications, (3) technological progress and (4) the......

Words: 1347 - Pages: 6

Principles of Economics

...Suggest how an economist would approach the problem of alcohol abuse. Provide two (2) possible solutions to this problem. Include the four (4) elements of the economic way of thinking in your analysis. The economist would approach the problem of alcohol abuse as cost, and how they could put it in real numbers. When measuring the cost of alcohol abuse in any city in the U.S. we must understand what make the assumptions of alcohol abuse comprehensible and to focus on the relevant alcohol abuse. We have to think about such things as health services and medical expenses, premature death, loss of productivity, and alcohol related crimes. In total, the U.S. economy loses an estimated $185 billion each year to alcohol-related problems, according to the National Institute of Alcohol Abuse and Alcoholism. We use the assumptions to help explain, Economics is a discipline, but it is not an exact discipline. Economic theory simplifies situations because it would be nearly impossible to predict and include every relevant variable and factor. Just look at the cost of drunk driving. Drunk driving is a insightful subject to many people because so many lives have been affected by this crime. The National Highway Traffic Safety Administration reports that alcohol-related motor vehicle crashes kill someone every 31 minutes and nonfatal injure someone every two minutes. During 2005, 16,885 people in the U.S. died in alcohol-related motor vehicle crashes, comprising 39% of all traffic-related......

Words: 1938 - Pages: 8

Principles of Economics

...Assignment 1: Principles of Economics Due Week 4 and worth 200 points Write a three to four (3-4) page paper in which you: 1.Suggest how an economist would approach the problem of alcohol abuse. Provide two (2) possible solutions to this problem. Include the four (4) elements of the economic way of thinking in your analysis. 2.Analyze how prescription drugs affect the demand and supply of other products and services in this country. 3.Formulate a reason why the elasticity of demand is an important consideration when analyzing the impact of a shift in supply and why the elasticity of supply is an important consideration when analyzing the impact of a shift in demand. Include at least one (1) example in each scenario. 4.Provide two (2) examples of increasing-cost industries in your state and propose why they would have a positively sloped supply curve. 5.Suggest how, under certain conditions, a perfectly competitive market is economically efficient. 6.Use at least three (3) quality resources in this assignment. Your assignment must follow these formatting requirements: •Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. •Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference......

Words: 354 - Pages: 2

Exquisite Chinese handmade jade bowls | डाउनलोड APK | Lien 11: Add: Depuis 8 heures Téléchargement