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The BIG Idea Explain why and how a reasonably competitive market is always moving toward equilibrium.
Explain what is meant by the term market equilibrium. Describe the role of shortages and surpluses in competitive markets.
Describe four advantages of using price as an allocating mechanism. Discuss why allocating resources without prices is difficult.
Use that information to predict how increasing the federal minimum wage by $1.00 per hour would impact employment for teenagers in your area.
Explaining Why did the federal government establish agricultural price support programs? Describing How do markets speak collectively for buyers and sellers?
Explain the significance of price ceiling, minimum wage, price floor, target price, nonrecourse loan, deficiency payment.
Explain why shortages and surpluses are not temporary when price controls are used. Explain what is meant by the statement that markets talk.
Why does the federal government attempt to preserve competition. What different methods does the government have available for this task?
Explaining Why do markets need both adequate competition and adequate information? The BIG Idea List and explain the reasons why markets fail.
If Americans traditionally dislike monopolies, why do some monopolies exist today? What types of monopolies are they, and what are their characteristics?
Which characteristics of firms selling designer clothing are monopolistic? Which are competitive? Write a brief paragraph explaining your answer.
Use this decision-making strategy to evaluate the desirability of continuing rent control. Write a paragraph describing your strategy and results.
Explain the significance of laissez-faire, market structure, perfect competition, imperfect competition, monopolistic competition and product differentiation.
You should find at least two different ads. Describe how the advertisements succeed or fail to differentiate the products.
Explain the significance of market failure, public goods, externality, negative externality, and positive externality.
Understanding Cause and Effect Describe some of the positive and negative externalities that could result from the closing of a military base.
Identify a situation in your community that resulted in a negative externality. How would you advise the government to reduce these negative effects?
Explain significance of trust, price discrimination, cease and desist order, and public disclosure. The BIG Idea Why is government involved in economic affairs?
Why is the United States considered to have a modified free enterprise economy? Why do governments regulate monopolistic cable companies and not prohibit them?
Summarize the information in a short paragraph. Why do you think the bank is so forthcoming with this information?
Explain why the private sector is reluctant to produce public goods. Identify the purpose of antitrust legislation.
Explain how public disclosure is used as a tool to prevent market failures. Describe characteristics that make U.S. economy a modified free enterprise economy.
Write down the new demand. Then plot a new market demand curve that incorporates the changed demand.
Explain the significance of demand, microeconomics, market economy, demand schedule, demand curve, Law of Demand, market demand curve and marginal utility.
Then write a paper describing where the company is headquartered, where its manufacturing plants are located, and where it sells its products.