Overview
Explanation and details with examples for a group discussion project, each member should be prepared for 8 questions of 4 different topics.
Question 1
Why are economic freedom and ownership important to increasing a country's economic progress and wealth? What factors other than ownership and economic freedom contribute to a country's wealth?
Question 2
What are ways in which a country can shift its production possibilities curve (PPC) to the right and away from the origin?
Question 3
How do disequilibria appear in a market? How are disequilibria eliminated? You may use an example in your explanation.
Question 4
Why does our government sometimes see it necessary to implement price ceilings of price floors? What are their effects? Do they work? Briefly explain.
Question 5
List three good you believe are price inelastic, three that you believe are price elastic and use economics to support your choices.
Question 6
Explain how deciding what to order from the menu at a fast-food restaurant is an example of the equimarginal principle.
Question 7
List firms that you feel have small, moderate, and large MES points and discuss why the differences occur.
Question 8
Explain the difference made in economic analysis between the short run and the long run.