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Fundamentals of economics

Fundamentals of economics

Fundamentals of Economics Assignment # 1 1. Provide an example of each of the factors of production and how the government may alter the factor to expand the productive ability of the economy? Provide a chart if needed? 2. Explain the concept of comparative advantage. How does this concept explain that it is advantageous for the US to trade with a country at a markedly lower level of technological development? Provide a chart if needed? 3. Explain how a minimum wage may allow for more discrimination to occur in a workplace.

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Fundamentals of Economics Assignment # 1 1. Provide an example of each of the factors of production and how the government may alter the factor to expand the productive ability of the economy? Provide a chart if needed? 2. Explain the concept of comparative advantage. How does this concept explain that it is advantageous for the US to trade with a country at a markedly lower level of technological development? Provide a chart if needed? 3. Explain how a minimum wage may allow for more discrimination to occur in a workplace. Is this a certain conclusion? What market conditions would mitigate this outcome? Provide a chart if needed? 4. Explain the assumptions behind the model of perfect competition? Provide a chart if needed? 5. Explain the sources of the recent housing price “bubble”? Provide a chart if needed? 6. Using the PPF and Circular Flow models explain how a government shutdown will likely alter the short-and longrun health of the economy? Provide a chart if needed?

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