Write a 4- to 5-page paper that addresses the following questions. Be sure to use references within the paper to support your answers.
1. The production possibilities curve is an important model of how much an economy can produce given resources and technology.
a. What characteristic of the economy causes the production possibilities curve to bow outward. Explain.
b. Using the graph on page 7 on the online text (Bouman), what is the opportunity cost of producing more roses when the country moves from point B to point A? In other words, if the country wants to produce 80 more roses, how many guns does it have to give up? (numerical answer required)
2. The Circular Flow diagram is model of how the economy works. Explain how the model would change if the following events ocurred:
a. Households increase savings.
b. Drastic spending cuts are implemented by the government.
3. The online textbook identifies three types of economic systems, which one closely resembles the U.S. economy. Explain and support your answer.
Length: 3–4 typed and double-spaced pages.
Module 1 - SLP
Introduction to MacroEconomics: The Big Picture
Choosing a Reference Organization
For the Session-Long projects, you will be asked to select an organizationto use as a focus for your application of economic ideas. You must use the same organization for all 5 SLP's (there will be five SLPs that you will complete over time)
Just below is a link to a listing of 27 companies, all have common stock that has been issued to the public (called a public corporation), and all are on the most widely used index of how well or poorly the general stock market is doing, the S&P500 Index.
In the left column is the trading symbol of the company, if you have seen a stock ticker these are the symbols that crawl by. The next column is the company name, and the third is a brief identification of the industry the company is a part of. I have provided companies from several different industries so that you have a good variety from which to choose.
Using google will be an excellent way of finding out more details of what the main business is of the chosen company, and other general information that will be useful for the assignment. If you know how to use a financial data base you can use the trading symbol to access information, but this will not be necessary so do not worry if you do not know how to do this, the use of google should be more than sufficient.
For the Module 1 component of the Project, please address the following questions in a 2 to 3-page MS Word document:
1. Identify and briefly describe the organization you are going to use. Why do you think it will be an interesting focus for your application of economic ideas?
2. Pick two of the Big Ideas referred to inBasic Terminology in Economics presentation. Discuss how they apply to your organization.
3. Think about your firm in terms of the circular flow diagram. Explain the two roles of the firm and how it applies to your franchise.
Think about the financial situation for your reference organization. If you're using an unconventional organization, you may have to get a little creative here.
4. Assess the overall financial health of your organization? What are good and bad signs, if any, in your assessment? Measures of financial health may include sales and/or profit increases or decreases, if employees are being hired or laid off, major new orders being placed or orders being cancelled. These are some but not all measures that could be looked at but if you are using an unconventional organization, you may have to get a little creative here.
Module 1 Discussion
In response to an influx of undocumented workers, Congress made it a federal offense to hire them. How do you think this measure affected the U.S. production possibilities frontier? Do you think all industries were affected equally?
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