Your supervisor has been asked many questions about how the economy works and why the idea of limited resources is such a major concern in today’s economy. As a result, she has asked you to prepare a report on the topics.
Specifically, your supervisor has asked you to prepare the following:
A circular flow diagram that includes the government sector. For this part of your report, you should include a description of the roles that each participant plays in the economy and how the different sectors interact in the markets.
An illustration of the Production Possibilities model, including a summary of what the model is illustrating and the economic implications for the economy.
An explanation of why or why not trade with other countries is beneficial to an economy and how international trade fits into the circular flow diagram.
An explanation of the difference between micro and macro economics, indicating why the division is necessary.
Deliverables:
Prepare a 5-6 page Microsoft Word document that addresses the above tasks and meets APA standards.
Include a summary section in your report that contains 5-7 bullet points identifying your major findings or conclusions of your paper.
Submit the summary section as your initial post in the Discussion Area by the due date assigned. Include the full report as an attachment to your posting.
Continue your discussions until the end of the week by commenting on at least two other submissions by your peers, identifying the strengths and weaknesses of each post.
All submissions must be original and all resources must be properly acknowledged
During this unit, we will be looking at some of the fundamental models in economics. Although they may seem to be somewhat simplistic, a good deal of analysis can be done using these ideas. For example, the production possibilities model does an excellent job in showing opportunity cost, forming the basis of trade theory.
Below I have posted links to some videos that help to explain the topics covered in this assignment:
Circular Flow Model:
Production Possibilities Model:
Circular flow with International trade: [Skip to the 13:00 mark if you watched the first video above]:
Micro versus Macro:
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Deliverables:
Prepare a 5-6 page Microsoft Word document that addresses the above tasks and meets APA standards.
Include a summary section in your report that contains 5-7 bullet points identifying your major findings or conclusions of your paper.
Submit the summary section as your initial post in the Discussion Area by the due date assigned. Include the full report as an attachment to your posting.
Continue your discussions until the end of the week by commenting on at least two other submissions by your peers, identifying the strengths and weaknesses of each post.
All submissions must be original and all resources must be properly acknowledged
Rubrics
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