Assignment:
1.Explain the role of economists, provide an example.
2 Explain the role of Models and Theories to forecasting.
3 Explain why the price of gas has gone up recently. Provide graphs
4 Explain why Greed is good for the economy. When is it bad?
5 Describe 5 of the 10 Points of Economics. Provide an example for each
6 Contrast Normative Economics from Positive Economics. Provide examples
7 Define the following: Absolme Advantage, Comparative Advantage, and Oppornmity Cost.
8 Explain how President Obama plans to turn around the downturn. Do you think be will succeed?
9 Contrast Imports from Exports. Provide examples for each
10 Contrast a Shortage from a Surplus. Provide the graphs
11 Explain the concept of Equilibrium. Provide the graph
12 Explain the Law of Demand. Provide a graph
13 Explain the Law of Supply. Provide a graph
14 Describe several Determinants which cause a change (shift) in Supply. Provide the graphs.
15 Describe several Determinants which cause a change (shit) in Demand. Provide the graphs.
16 Contrast Income Elasticity with Price Elasticity of Demand. Provide the formulas
17 Contrast Cross Elasticity with Price Elasticity of Supply. Provide the fomulas
18 Explain why the Price of Gas eventually dropped after OPEC raised prices. Provide graph
19 Explain how Price Ceilings and Price Moors affect the Supply and Demand Curve. Provide graphs
20 Describe how Taxes influence the Supply and Demand Curve. Provide graphs