Category: Economics

1- Suppose the Federal Reserve (Fed) believes the economy is producing less than

1- Suppose the Federal Reserve (Fed) believes the economy is producing less than its full employment level of output (less than its potential) and decides to stimulate the economy by using an expansionary monetary policy. After specifying the primary policy tool of the Fed to achieve economic stability, briefly (7-8 lines) discuss how this policy tool works to accomplish the Fed’s objective. Use Chs 14 & 15 for the reference
2- only 1 classmate in your replies.

1- In March of 2021, Congress passed a massive Coronavirus stimulus bill ($1.9 t

1- In March of 2021, Congress passed a massive Coronavirus stimulus bill ($1.9 trillion). This expansionary fiscal policy was designed to strengthen the economy and reduce unemployment. The most significant parts were 1-$1400 direct payment to many Americans: Individuals making under $75,000 and couples making under $150,000 receiving a full direct payment 2- $300 extra weekly emergency unemployment benefits. 3- There was also money for COVID-19 vaccines and testing, aid to state and local governments, help for schools and the airline industry, tax breaks for lower earners and families with children, and subsidies for health insurance. In your opinion and referring to the material on Ch 11, which of these provisions benefited the economy the most and why? Discuss briefly ( 7-8 lines) using economic reasoning
2- 2 of your classmates in your posts.

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The city of lethbridge has been receiving complaints about the high cost of Util

The city of lethbridge has been receiving complaints about the high cost of Utilities. In an effort to educate customers about how much they could save by turning down the temperature settings on their furnace and hot water tanks, they took a sample of 100 homes in lethbridge and asked them what temperature their furnace and water tank were set to. The excel file contains the sample data where the city matched the electricity used per month (measured in kilowatt hours) with the reported thermometer settings (in degrees Celsius). Produce a multiple regression model with electricity usage as the dependant variable. Run the regression in excel and turn in a copy of your regression output along with your answer.

STEP 1: Read the assignment instructions below.
STEP 2: Use Microsoft Word to co

STEP 1: Read the assignment instructions below.
STEP 2: Use Microsoft Word to complete this assignment.
STEP 3: Submit the written assignment in the Dropbox below.
For your fifth essay, you will explore economic challenges facing our U.S. Read the instructions and guidelines below carefully and review the grading rubric before submitting your work.
Instructions:
Find a NEWS article that addresses a current economic issue facing the U.S. It can involve any of the challenges discussed in Chapter 18, or one of your choice. (A news article is an article from a media source like a newspaper or magazine such as the New York Times, FOX, The Washington Post, VICE, etc. that addresses a current event. It does not include sources like Wikipedia, eHow, dictionaries, academic journals, or other information websites.)
Write a minimum 300-word essay that answers the following questions:
Based on the article you chose, what is an economic challenge you chose? How does it relate to the economic challenges discussed in the book? (See Chapter 18 for a discussion of economic challenges facing the U.S.)
According to the article, who are the main interest groups involved? What does the economic issue mean for their life and/or business outcomes?
How can the economic challenge be addressed in a manner that is fair and equitable to all parties involved?
Guidelines:
Your essay should be 300 words or more:
The 300-word limit DOES NOT include the questions, names, titles, and references. It also does not include meaningless filler statements
The essay must have factual information from the textbook and/or appropriate articles and websites.
The essay must be original work and will be checked for plagiarism, including the use of generative AI. (You will receive a zero if substantial portions of your work are taken from other sources without proper citation or generated using AI.)
The essay must have references and citations for your sources,
Comments from Customer
Ignore any mention of ch 18 any current economic issues will dot can involve any of the challenges discussed in Chapter 18 but doesn’t have to necessarily be about those points. any current economic issues will do. thank you!

Everything is explained in the file attached below. The subject is macro economi

Everything is explained in the file attached below. The subject is macro economics i will attach all the chapters related to this subject so you can choose a proper topic for this assignment

The Cold War Within: America’s Struggle Between War and Peace

From the Beatles to a New Cold War: The Shift in Societal Unity

Everyone knows the song where the Beatles preach the importance of love over hate: “All you need is love, all you need is love, love is all you need.” It’s quite terrifying how this message seems to get tuned out like white noise today: gun violence, separation of families at the border, the ever-looming threat of a nuclear war, homophobia, sexism, xenophobia — and that’s not even the full list. The President says derogatory things about a variety of people, the country is split between red and blue, and if they find purple, they’re determined to push the other color out. “What’s your sign?” is now “What’s your political party?”; it’s no longer a playful “get to know me” type question, but a judgment call on whether or not this person is “good” or “bad.”

These social wars carry into potential armed wars. Since the birth of this nation, “the U.S. has been at war 93% of the time – 222 out of 239 years – since 1776, i.e., the nation has only been at peace for less than 20 years.” It’s chaotic to believe that this country, virtuous and influential, is also a knotted ball of wrath. We seem to encourage peace, coming in between other warring countries and trying to mediate peace, but we don’t practice what we preach. I believe that it is about time that the U.S. put itself to rest and acknowledge the fruitlessness of war.

War’s Toll: Physical Scars and Toxic Legacies

War causes unnecessary physical damage to the human body. The more advanced we become as a society, the more dangerous we become. In any given war, those directly involved rarely escaped it without fostering some sort of scar. The workers of wartime manufacturing industries were exposed to toxic elements, many of the soldiers themselves carry battle wounds: bullet shots, burns from bombs, amputation, and innocent civilians are exposed to deadly chemicals and radiation.

An example of an instance where innocent people face the wrath of war would be the Vietnam War: “The U.S. military sprayed along with other deadly defoliants, over more than 20 percent of South Vietnam between the early 1960s and early 1970s in an attempt to flush out their enemies.” Those who survived being exposed to the toxin had chemical burns but lived otherwise healthy lives. Their children, however, suffered greatly.

60% of children born with deformities in Vietnam have parents who were directly exposed to Agent Orange. Even the children of U.S. veterans are 30% more likely to be born with deformities if their parents handled Agent Orange. The case with Agent Orange applies to many other toxins used in warfare. If we paused and asked ourselves how humane using chemicals with unknown ramifications, our immediate answer would be no, so why do we keep doing it? As a modern society, we are responsible for becoming the generation that effectively puts warfare to death.

How the Cold War of Conflict Erases Cultural Heritage and History

War also smites cultural history into nothingness. The violent path warfare leaves in its wake is undeniable, and oftentimes, heritage sites are not excluded from this fiery chaos. There are millions of examples throughout history. The Library of Alexandria — a library that was essentially a concentrated form of all the knowledge of mankind up until that point — was destroyed as the result of an escape tactic. Julius Caesar, in an attempt to escape enemies in Egypt in 48 BCE, set fire to their fleets — the arson spreading to the library, making it a casualty of war. It’s highly regarded that if it weren’t for the fact thousands of crucial texts were burned as a result of war, humanity would be further in terms of intellect than we are right now. In World War II, Urakami Cathedral in Nagasaki, Japan, was destroyed by the infamous atomic bombing.

The Cathedral holds significance because until the latter half of the 19th century, Christianity was banned, and those who practiced it were often executed. Many Christians had to go into hiding as a result of the religious restrictions, so the Cathedral stood as a monument of religious freedom. The rage of war destroys symbols of hope and crucial heritage sites that display the beauty and intellect of humanity. Wars of the past were attempts to eradicate the cultures of the enemies, to make it seem like they never existed in the first place, and sometimes even today. Destroying sacred things in the name of war is distasteful and downright awful; it erases the only thing that shows our humanity: expression through art.

The Cold Logic of War: Progression or Primitive Thought?

The argument for war is cold and technical — however, valid. We, humans, are ruled by the tides of our fragile and gentle emotions, but when you leave all of that behind and step back, war has also proved to advance society. Stanford’s classics professor, Ian Morris, points out that “by fighting wars, people have created larger, more organized societies that have reduced the risk that their members will die violently.” However, this argument is rather primitive. It doesn’t have a place to be applied in the modern world.

References

1. The Beatles. (1967). All You Need is Love. [Song]. Apple Records.
2. Smith, J. (2018). Politics and Polarization in America. Oxford University Press.
3. Johnson, A. B. (2020). American History: Wars and Peace. Cambridge University Press.
4. Nguyen, T. H. (2016). Toxic Legacy: The Vietnam War and Agent Orange. Yale University Press.
5. Harris, L. (2022). The Human Toll of War. University of California Press.
6. Alexander, K. (2017). Cultural Heritage at War: Historical Sites Destroyed. Routledge.

Microeconomics Exploring: Scarcity, Choices, and Equilibrium in Everyday Life

Navigating the Economic Landscape: Microeconomics and Macroeconomics Unveiled

Economics is part of our everyday life. Even though we do not notice, many actions and decisions we take are related to economics. Our need for goods often exceeds the actual things that we are able to attain. All of us, rich, poor, or wealthy, live in a state of scarcity. The poor need more than what they have. They need shelter, clean clothes, and food. The middle class, even though they are able to get what the poor don’t have, they try to collect wealth to get more things that they want, like expensive clothes, properties, and vacations. The rich, on the other side, want to get richer and get things that they don’t have. And even though they have wealth in abundance, they still wish to get some other things they are not getting at the time being.

Division of labor, an idea first introduced by Adam Smith, has to do with specializing the employee at a certain task so that the worker can become trained and focused on his or her duty without being overwhelmed with multiple tasks so he or she can produce more of that specific article. By specializing in different employees to produce specific parts of a final product, the production of the merchandise will increase significantly compared with the case where one employee produces it himself or herself from A to Z.

Microeconomics has to do with personal and family spending. It has to do with employees and businesses at a minor level. Macroeconomics is the field of study that focuses on how the economy of the entire population and the country is doing. The entire production with exports and imports. Comparing Microeconomics with Macroeconomics is like comparing an apple tree with its ruts, trunk, branches, leaves, and fruits being Microeconomics with all the apple trees of a huge plantation being Macroeconomics.

Exploring Economic Systems and Making Choices: Traditional, Command, and Market Economies

Economic systems are organized differently. One of them, and the oldest, is the traditional economy. In this group, we notice that society tries to be self-sufficient in production and consumption. They keep their skills and production methods internally by inheriting generations. This method nowadays is found to be used mostly among farmers. Another type of economy is the command economy. In this system, the government or the ruling power sets up the rules and objectives to be reached by the economy. They set up production goals without being influenced by business free will. What is going to be manufactured in the fabrication business, what kind of crops should be produced, and also, they make trade agreements with other countries for import exports.

This kind of economy is established today among communist countries. On the other hand, the market economy is based on business free will. Entrepreneurs produce what sells mostly. Goods manufactured or produced in agriculture, imports, and exports depend on demand and supply. The government has a minimum intervention. The US economy leans toward a market economy even though it has some rules similar to the command economy imposed on business.

In our everyday lives, we face moments where, due to scarcity, we have to choose between the goods that we need and the most important ones. If there was no scarcity, we could afford all the things we might think of. This statement stands not only for good but also for services and activities in our lives.

For example, A family of four has a budget constraint of $4,000.00 net income a month. Among their spending, they have $2,200.00 in rent, $500.00 in car spending, $200.00 phone bills, $100.00 TV and internet service, an average of $100.00 ConEdison bill, and on top of all this, they spend about $900.00 on grocery shopping. In addition to this spending, they wish to go out for dinner once a week. They also want to take a $5,000.00 vacation once a year.

In order for this family to afford other wishes, they have to give up their basic expenses. So, they might have to give up car spending in order to have enough money for dinner out and vacations. The above-mentioned choice is what the economist calls opportunity cost. From another point of view, if this family decides to give up the car payments and, with the money saved, go out every other night for dinner. The first dinner out gives much more pleasure than the other upcoming dinner out. This is what is called the law of diminishing marginal utility. So, in their best interest is to choose fewer dinner outs and have some money left for vacations.

Economic Decision-Making: Sunk Costs, Opportunity Cost, and the Dynamics of Demand

Some of the spending we make cannot be recovered. For example, If we go on vacation in a beach resort and, unfortunately, we get rain most days. We face the decision to stay until the end of our booking or go back home. Our spending, which is gone and cannot be regained, is called sunk cost.

Similarly, with individuals or families, society as a whole can not have all it wants. In the face of scarcity, they have to make choices. For the government of a country, there is a specific amount of money collected from taxes and natural resources that will be spent on goods for the society. The government has to choose, among others, to spend more on the army or infrastructure. The opportunity cost, in this case, has restrained their spending, and the ruling power has to choose which one is more needed in order to allocate the larger amount of money.

“Economists use the term demand to refer to the amount of some good or service consumers are willing and able to purchase at each price.” https://d3bxy9euw4e147.cloudfront.net/oscms-prodcms/media/documents/Macroeconomics2e-OP_08uAIKN.pdf, Page 47, First line. Demand is strictly related to price. When the price is high, the quantity demanded is low because people are not able to afford the goods at that given price. When the price is low, the quantity demanded is high. For example, when the market has seasonal fruits and vegetables that come from local farms, the prices are low, and people buy more than when the price is high. In this case, we have an excess in demand.

Market Equilibrium and Government Intervention: Price Dynamics and Economic Regulation

On the other side, producers supply different amounts of goods for a given price. Let’s take the example of airplane tickets. If we check the prices offered by airlines, we will notice that the price of tickets is more expensive during the summer and holiday season than during other periods of the year. This is due to the high demand in this period. People, especially families with children, travel mostly during holidays to join their families for celebrations and during summer when children are off school for summer vacation.

When the demand is high, the prices increase. In addition to that, when the price is high, we notice that the airlines increase the supply by adding extra flights. In the case the airline continues to supply additional flights during the off-season when the quantity demanded has decreased, we will have an excess supply. If the excess supply tickets do not sell, then the airline will not be able to pay its employees and make a profit. This is why the companies try to keep their production within the equilibrium.

But there are some other factors that change the equilibrium. For example, if the weather is good, the production of vegetables is higher than usual; when the price of gas is low, the cost of transportation is lower, and with these two factors, we will have a higher equilibrium quantity for vegetables supplied.

On some occasions, we see the intervention of the government to control the prices of certain goods. The ruler sets up a price ceiling to prevent the increase of the price above a certain level so the population can afford to buy that particular good. For example, the government sets up a certain price for heating oil so the population can afford to buy this necessity. Also, the ruler sets up the price floor to aid the population, like the movement that is going on today in the USA about minimum wage. Even though in disagreement with businesses, the government of some of the US states has decided to set the minimum wage at $15 per hour in order to aid this class of population in affording a decent living.

References

1. Mankiw, N. G., & Taylor, M. P. (2017). Microeconomics. Cengage Learning. (A widely used textbook that covers various microeconomic concepts.)
2. Krugman, P., & Wells, R. (2019). Microeconomics. Worth Publishers. (Another popular textbook providing insights into microeconomics.)
3. Hubbard, R. G., O’Brien, A. P., & Serletis, A. (2020). Microeconomics. Pearson. (A comprehensive microeconomics textbook.)
4. Perloff, J. M. (2017). Microeconomics. Pearson. (Covers a wide range of microeconomic topics.)
5. Samuelson, P. A., & Nordhaus, W. D. (2019). Economics. McGraw-Hill Education. (A comprehensive economics textbook that covers microeconomics and macroeconomics.)
6. Frank, R. H., & Bernanke, B. S. (2019). Principles of Microeconomics. McGraw-Hill Education. (A textbook focusing on principles of microeconomics.)
7. Pindyck, R. S., & Rubinfeld, D. L. (2017). Microeconomics. Pearson. (An in-depth microeconomics textbook.)
8. Varian, H. R. (2014). Intermediate Microeconomics: A Modern Approach. W. W. Norton & Company. (A comprehensive guide to intermediate microeconomics.)

Microeconomics Exploration: Unveiling Economy Dynamics and Components

An economy is a large set of interrelated activities of production, consumption, and exchange that help determine how limited resources are distributed. The production, consumption, and distribution of goods and services are used to meet the needs of those who live and work within the economy, also known as the economic system. Understanding Economics

An economy includes all activities related to the production, consumption, and trade of goods and services in a region. These decisions are made through a combination of market trading and collective or hierarchical decision-making. Everyone, from individuals to organizations such as families, businesses, and governments, is involved in this process. The economy of a particular region or country is governed by factors such as culture, law, history, and geography and is developed through the choices and actions of participants. For this reason, no two economies are equal.

Economy type

A market economy allows individuals and businesses to freely exchange goods according to supply and demand through markets. The United States is largely a market economy, where consumers and producers decide what to sell and produce. Producers own what they produce and set their own prices, while consumers own what they buy and decide how much they are willing to pay.

With these decisions, the laws of supply and demand determine price and total output. When consumer demand for a particular product increases, the price tends to rise because the consumer is willing to pay more for that product. As a result, producers tend to increase their output to meet demand because they are driven by profit. As a result, market economies tend to achieve natural equilibrium. When demand causes a price increase in one sector of an industry, it moves where the money and labor needed to meet that demand are needed.

A pure market economy rarely exists because there is usually state intervention or central planning. Even the United States can be considered a mixed economy. Governments provide regulatory, public education, and social security benefits to help bridge and balance market economic gaps. Consequently, the term ‘market economy’ generally refers to a more market-oriented economy. A command economy relies on a central political agent to control prices and distribution of goods. In this system, because supply and demand cannot develop naturally because it is planned centrally, imbalances are common.

Study Microeconomics

The study of economics and the factors that influence it is called economics. The discipline of economics can be divided into two main areas: microeconomics and macroeconomics.

Microeconomics studies the behavior of individuals and businesses to understand why they make certain economic decisions and how those decisions affect the larger economic system. Microeconomics studies why different products have different values ​​and how people coordinate and collaborate with each other. Microeconomics tends to focus on economic trends, such as the impact of individual choices and actions on changes in production.

Macroeconomics, on the other hand, studies the economy as a whole, focusing on large-scale decisions and problems. Macroeconomics involves the study of general economic factors, such as the impact of inflation or inflation on the economy. Macroeconomics also focuses on the rate of economic growth or gross domestic product (GDP), that is, the total amount of goods and services produced in an economy. Changes in unemployment and national income are also studied. In short, macroeconomics studies how the aggregate economy behaves.

History of the Concept of Economy

The word economy is Greek and means ‘household management.’ Economics as an area of study was touched on by philosophers in ancient Greece, notably Aristotle, but the modern study of economics began in 18th-century Europe, particularly in Scotland and France.

The Scottish philosopher and economist Adam Smith, who in 1776 wrote the famous economic book called The Wealth of Nations, was thought of in his own time as a moral philosopher. He and his contemporaries believed that economies evolved from pre-historic bartering systems to money-driven and eventually credit-based economies. In the 19th century, growth in technology and international trade strengthened ties between nations, which was accelerated by the Great Depression and World War II. Fifty years after the Cold War, a new globalization of the economy took place at the end of the 20th century and the beginning of the 21st century.

Main conclusion

An economy is a large set of interrelated production and consumption activities that help determine how limited resources are distributed.

In an economy, the production and consumption of goods and services is used to meet the needs of those who live and work in it.

Market economies generally allow goods to move freely in the market based on supply and demand. The Great Reset is the collective moniker for a group of economic measures that aim to exploit the recovery from the coronavirus to presumably establish a better, more prosperous future and a better and more sustainable planet.

References

1. Smith, A. (1776). The Wealth of Nations.
2. Mankiw, N. G. (2018). Principles of Microeconomics.
3. Samuelson, P. A., & Nordhaus, W. D. (2020). Economics.
4. Krugman, P., & Wells, R. (2019). Microeconomics.
5. McConnell, C. R., Brue, S. L., & Flynn, S. M. (2020). Microeconomics: Principles, Problems, and Policies.