1 What Does The Division Of Labor Mean How Does It Affect Production And Why 2 Use The Concept Of Opportunity Cost T 1 (93.4 KiB) Viewed 55 times
1 What Does The Division Of Labor Mean How Does It Affect Production And Why 2 Use The Concept Of Opportunity Cost T 2 (79.44 KiB) Viewed 55 times
1) What does the division of labor mean? How does it affect production and why? 2) Use the concept of opportunity cost to analyze your decision as to whether or not to study economics last night. 3) Given the following information on books and cars, graph the production possibility curve. (Points A-D) Would you ever choose to be a points E or F? Why or why not? How would you represent unemployment, economic growth and technological change in the book industry)? A B C D EF Books 90 65 45 0 45 65 Cars 0 5 15 20 7 20 4) What are the fundamental assumptions concerning human behavior in traditional and Marxist economics? 5) What is the basic economic problem and why does this problem come about, according to traditional economists? 6) What are the three fundamental economic questions all societies must answer and what are the different ways societies have answered them? 7) Explain Adam Smith's concept of the Invisible Hand. How does self-interest and Invisible Hand impact the economy? 8) Marx saw history as a continuing struggle among social classes, ruling classes contending with ruled classes in every era. Explain what Marx believed. Do you agree and why or why not? 9) Smith and Marx disagree about the existence of the exploitation of workers. Explain each man's view of the existence of exploitation. With which do you agree and why? 10) What factors influence your demand for a good you use? 11) Construct a demand schedule and demand curve for a good you purchase regularly. 12) Explain the concept of equilibrium price. Use supply and demand curves to show how equilibrium price and quantity are determined. 13) What is the difference between a shift in and a movement along the demand or supply curve? Graph each situation. What causes each change?
14) What are the different market structures and what are their characteristics? What market structure traditional economists feel is better and why? 15) How do traditional economists analyze the effects of price ceilings and price floors? Illustrate with supply and demand curves. 16) Draw and explain the circular flow diagram. 17) What is the good society and how is it judged according to traditional economists? 18) Define: a) Short run b) Macroeconomics c) Microeconomics d) Utility e) Opportunity cost f) Laissez faire g) Equilibrium h) Efficiency i) Intermediate good j) Final good k) Ceteris Paribus 1) Capital m) Externality n) Demand o) Supply p) Surplus Labor q) Capitalism r) Socialism s) Long run
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