Gb540 Unit 1 Assignment
1464 words 6 pagesok
Unit 1 Assignment
Johnny Navarro Jr.
Problem #1: Using either a graph or table (Refer to page 22 for help with graphs and tables) use two goods to construct a production possibilities curve. Clearly explain what a variety of different points on the curve mean. What would make the curve expand or contract? Why is efficiency lost at the extremes, as when substantially more of one good and very little of another is produced?
I am currently self-employed and deal with online sales on a daily basis. My business is based on sales at eBay and Amazon, I have multiple products that I buy wholesale and sell at retail price. I would like to choose the situation where orders are to be prioritized based on the …show more content…
So when prices are set high the demand goes down and when the prices are set low the demand increase, so it is relative to the market. McConnell, C., Brue, S., & Flynn, S. (2012) explains that, “change in quantity demanded is a movement from one point to another point—from one price-quantity combination to another—on a fixed demand curve. The cause of such a change is an increase or decrease in the price of the product under consideration” (p. 53). So as I stated above everything is relative to the market demands at that particular point in time.
Problem #3: Read the “LAST word” feature on markets for human organs on Page 66 of your text. Next, select a social problem where free markets are not allowed to function and describe how free market features could be introduced to help alleviate the problem. As part of your answer also include a discussion of the risks of introducing market mechanisms in situations where ethical issues are present. Your answer should be approximately two pages long and in APA format. I would like to talk about prescription drugs. It is a very big problem in our society now days, people are getting addicted to these drugs more and more every single day. The reality is that these drugs are extremely harmful and more addicting than anything else out there. Some medications have psychoactive (mind-altering) properties and, because of that, are sometimes abused—that is, taken for