Welcome students to the multiple-week discussion board. For this post, I am giving you more than a week to answer these questions. These questions are here to guide you and help you focus your studying to areas where you will need to have a good grasp of the content. If you are able to answer these questions and have a good grasp of the material from it, you will do well on your final.
What is an entrepreneur?
What would an economist conder be land?
What does Human capital include?
What would cause a production possibilities curve to move down and to the left?
What can cause a production possibilities curve to move to the right?
What is the motivating force behind the free market?
What type of safety nets are used by the government to help citizens?
Why do markets exist?
What is the black market?
What is rent control?
What is a monopoly?
What brought about labor unions?
Why would the United States want to establish a stable banking system?
What is the difference between a recession and a depression?
What is the Federal Reserve?
What is interest rates suppose to do?
What does elasticity mean to economics?
Why does the government protect inventors and authors by offering them patents and copyrights?
1. An entrepreneur is someone who creates and runs a business or businesses.
ReplyDelete2. An economist would consider land to be all the natural resources that are used for production.
3. Human capital basically includes all the personal skills and practices a person has developed in their life and what they bring to society through all their special attributes.
4. What would cause a production possibilities curve to move down and to the left is if there were less resources to be used so there is less that can be produced.
5. What can cause a production possibilities curve to move to the right is when there is a growth in the economy and resources so people are able to produce more.
6. The motivating force behind the free market is self-interest.
7. Some safety nets that are used by the government to help citizens are such things like welfare programs in which these help provide for low-income Americans. An example of a Welfare Program is something like a Housing Assistance group that helps give temporary housing to people who can’t afford it at that time.
8. Markets exist so that people can buy and sell goods at their pleasure. They are able to produce their own products and sell it to consumers needing it in order for them to buy products that they aren't able to produce.
9. The black market is a certain place that allows people to buy and sell products without any government enforcement. They basically do this out of the government’s sight so that they avoid government taxes and price control.
10. Rent control is the government mandated limit that is put on units for how much they can charge depending on the city and state they are located in.
11. A monopoly is when someone has control over all the supply and trade of that certain organization.
12. What brought about labor unions were workers wanting better wages and working conditions considering all that they were producing and doing everyday and basically putting their lives at risk. So they needed a group of people to speak out against their superiors and force them to make changes.
13. The United States would want to establish a stable banking system so that they can assure the American people that they're money will be safe and protected and so that they can lend out money to help regulate business and keep the economy flowing.
14. The difference between a recession and a depression is that they are both an economic decline but a recession lasts only over months while a depression lasts over years.
15. The Federal Reserve is the central U.S. banking system that helps with central control over monetary policy to help control financial issues.
16. What interest rates are supposed to do is they are supposed to add on more money for every month a loan payment must be made, so it tries to get people to pay the loan quicker so that they don’t end up owing more money every month they don’t fully pay it off.
17. What elasticity means to economics is that it can help show the correlation between the price shifts of a product along with the demand of the product as well. So almost like a ratio between the quantity demanded and the price increase or decrease.
18. The government protects inventors and authors by offering them patents and copyrights because they want these people to be creative and make new creations that are not based off of anything from the past and promise to protect their inventions and such.