Discussion 1

News Item for Week 1 Forum: 1 post: 
Each week, you will evaluate the economic factors at play in the posted news item. The goal is to be able to identify – and make sense of – real world events in terms of the models and concepts that we are learning each week. Don’t worry that you are not expert at this – it requires different ‘mental muscles’ than doing textbook problems, and everyone will be at a different ‘place’ in their skill and insight. And that is why we do it – to get some hands-on exercise in applying what we are learning.
Post 1: Briefly, give your own analysis of the economic content of the article, as relates to our current week’s assignments – do not summarize the article, as everyone has read it.
Make sure to list the article on which you are analyzing. Post can not be less than 100 words.
No PLAGIARISM !!!!!
 
News Analysis Forum Posts: 
News items will be posted to the class Canvas forum throughout the course. Each student will post to the forum weekly on economic issues that they believe are reflected in the article, drawing from the week’s readings and homework answers. Each student will also be responsible for a second post, building upon, or responding to, the ideas posted by other students in a way that contributes new and relevant content and/or analysis.
For news analysis posts, your commentary should include:
1) the economic issue(s) reflected in the news item, and
2) your explanation of the event and economic implications in terms of the current week’s material.
Your posts should NOT summarize the content of the news item, as this is already known to forum participants.
Your comments need not be more than a brief paragraph, but should demonstrate a concerted effort to explore the relevance of assigned concepts to each article. For example, a current event will often provide a real world example of a concept assigned for the class session. Your reflection on the article can be given in bullet sentence format, but must contain sufficient specific content and explanation to fully convey key ideas (eg, single words are insufficient to convey a complete thought). Students are NOT expected to reflect a complete mastery of the concepts in each article posting. They should approach their postings as exercising their ability to discover and explore economic concepts as they appear in the real world.
Your post need to be on the subject listed below
“Historic” laptop demand leads to shortages ahead of remote school
Axios News August 15, 2020
Article link below:
https://www.axios.com/coronavirus-education-laptop-shortage-f5990485-6277-4f4e-a37c-ec7f77d68241.html (Links to an external site.)
 
For news analysis posts, your commentary should include:
1) the economic issue(s) reflected in the news item, and
2) your explanation of the event and economic implications in terms of the current week’s material.
Your posts should NOT summarize the content of the news item, as this is already known to forum participants.
Your comments need not be more than a brief paragraph, but should demonstrate a concerted effort to explore the relevance of assigned concepts to each article. For example, a current event will often provide a real world example of a concept assigned for the class session. Your reflection on the article can be given in bullet sentence format, but must contain sufficient specific content and explanation to fully convey key ideas (eg, single words are insufficient to convey a complete thought). Students are NOT expected to reflect a complete mastery of the concepts in each article posting. They should approach their postings as exercising their ability to discover and explore economic concepts as they appear in the real world.
 
NOTE: Posts that are statements of agreement, quotation, links, or personal opinion without offering any analysis will not be counted for credit.
Hint: Avoid one-sentence discussion posts, as they will almost certainly not meet the content expectations listed above. Posts should contribute insights to the discussion, contain several sentences and have a clear relationship to one or more concepts assigned for the week.
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Chapter 1 & 2 in the book

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Homework Part I: Understanding Economic Models: (submit answers)
1 What is a theory, according to the text?
2 Define normative and positive statements. (notes)
3 Explain the meaning of fallacy of causation and fallacy of composition. (notes)
4 Name and explain one major limitation of economic analysis using models. (notes)
5 In the economic model of supply and demand, what are the two key factors that determine market outcomes? (Refer to the axes on the supply and demand graph.)
6 Define ceteris paribus. What does an analysis of price and quantity “ceteris paribus” imply about other factors that could impact supply and demand?
7 What is the relationship of regulations to market economies, according to the text?
8 What is scarcity, and what does it imply for individual and societal choice, according to the text?
9 What is opportunity cost, according to the text?
10 What is marginal analysis? (notes)
11 What is utility, and the law of diminishing utility?
12 What is a sunk cost?
13 What is the invisible hand, and what market behavior does it imply?
Homework Part II: Reading Supply and Demand Graphs: (submit answers)
14. Explain the difference between: 
a) supply and quantity supplied
b) demand and quantity demanded
15. Define market equilibrium. What is the relationship of quantity demanded to quantity supplied at equilibrium? What is the relationship of the supply and demand curves at equilibrium?
16. Using a supply and demand graph, explain:
a) a shortage of a good
b) a surplus of a good
(Compare each to the quantity supplied, quantity demanded and price at the market equilibrium.)
17. When a good is in short supply, a price increase may bring the market back to equilibrium. Explain why.
Homework Part III: Representing market change with graphs: (submit answers)
18. Illustrate how price, quantity, supply, and demand are represented graphically.
19. Use a supply and demand graph to demonstrate how an increase in price will impact the quantity demanded and quantity supplied of a good.
20. How will a drop in a good’s price impact:
a) Quantity demanded of the good ___________________________________
b) Demand for the good ___________________________________________
c) Quantity supplied of the good ____________________________________
d) Supply of the good _____________________________________________
NEED BY TOMMOROW @ 8 P.M 

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