Answer the following questions using examples and applications from the readings. Justify your answers using economic concepts and ideas as they apply. Each response should be between 100-200 words.
- The demand for labor is said to be a “derived” demand. What is the meaning of a derived demand? How does this concept help to determine the demand for labor?
- What are some of the factors that determine the supply of labor in a market? What significant factors have changed the supply of labor over the last twenty years?
- How does a firm determine its prices and the quantity of labor required in the resource market during a specific period?
- Why do income inequalities exist? How are income inequalities measured? How have income inequalities changed from 1980 to the present?
- What is the role of the U.S. government, in terms of dealing with the problem of income inequalities? What are the arguments, for and against, government involvement in this area?
- Why do nations trade? What is meant by the concept of “Comparative Advantage”? Could a nation be better off economically, if it practiced an isolation policy?
- The United States has had a significant trade imbalance for several years. What are the problems associated with having a negative trade balance? What can be done to correct the imbalance?
- How are exchange rates determined? What is the significance of currency devaluations to the home country? To other countries?
Remember, quotations, paraphrases, and ideas you get from books, articles, or other sources of information should be cited using APA style
|Assignment 1 Grading Criteria||
|Explain the meaning of a derived demand.
Explain how the concept of derived demand helps to determine the demand for labor.
|Identify factors that determine the supply of labor in a market.
Research and explain which significant factors have changed the supply of labor over the last twenty years.
|Explain how a firm determines its prices in the resource market during a specific period.
Explain how a firm determines the quantity of labor required in the resource market during a specific period.
|Explain why income inequalities exist.
Explain how income inequalities are measured.
Research and describe how income inequalities have changed from 1980 to the present.
|Explain the role of the U.S. government in terms of dealing with the problems of income inequalities.
Discuss the arguments for and against government involvement in dealing with problems of income inequalities.
|Explain the reasons why nations trade.
Explain the meaning of the concept of “comparative advantage.”
Discuss whether or not a nation would be better off economically if it practiced an isolation policy.
|Identify the problems associated with the United States having a significant trade imbalance for several years.
Explain what could be done to correct the trade imbalance.
|Explain how exchange rates are determined.
Explain the significance of currency devaluations to the home country.
Explain the significance of currency devaluations to other countries trading with the home country.
|Standard presentation components (15%)
Style: Tone, audience, and word choice
Usage and Mechanics: Grammar, spelling, and sentence structure
APA Elements: In text citations and references, paraphrasing, and appropriate use of quotations and other elements of style