Microeconomics
Disscusion
Look anywhere around your home or office and you are sure to find products from every corner of the world. Even products that may be labeled as "Made in (fill in the blank)" are generally assembled from components made in many other countries. The grocery store is another excellent place to observe the phenomenon of global trade. Let's discuss this!
• Identify one product in your home that is made elsewhere. Why was this product imported? (Hint: think comparative advantage and mutual gains from trade)
• Some oppose free trade. What are their reasons and how does this apply to the product you identified in our first prompt?
• If a trade restraint (i.e. a quota or tariff) were imposed on the product you identified what affect do you think this would have had on you and your purchase?
Homework
Browse through the "You Are There" and the "Issues and Applications" found in all the chapters we covered during the last six weeks. Choose either a "You Are There" or an "Issues and Applications" from one of the chapters.
1. Briefly summarize the topic as found in the "You Are There" or the "Issues and Applications" that you selected.
2. Answer the "Critical Analysis Questions" that follow the "You Are There" topic that you chose. OR Answer the "For Critical Analysis" questions that follow the "Issues and Applications" topic you selected.Your response should be 1-2 pages
Review
What did you learn? Why is it important? How do the Economics concepts we just covered impact the economy, you and your family, your friends and your employer?
1. Select the top ten most important ideas / concepts you learned in chapter 32 of your textbook.
2. Number your list and write a three to four sentence explanation of why each idea / concept is important to you and how it affects your life.