Overview
discussion 1 Respond to the following in a minimum of 175 words:
What we consider a market has evolved over time, from an actual physical marketplace, such as a farmers market, to large stores and to Internet marketplaces such as eBay.
- Discuss the main components necessary for a market to occur.
- Discuss a market you have recently participated in, either professionally or personally. Why is it important for you to take part in this market, and what differentiates it from other markets?
Discussions 2
As your text suggests, sellers alone do not set prices and buyers alone do not set prices. It is the interaction of buyers and sellers that sets prices.- Explain where the market equilibrium occurs.
- How do we show equilibrium graphically?
- Share an example from your own experience when the market was not in equilibrium for a product or service.
- Explain why the market was out of equilibrium (what caused it to be out of equilibrium) and what needed to be done to bring the market back to equilibrium.
discussion 3 Respond to the following in a minimum of 175 words:- Define the concept of elasticity.
- Explain how a higher price and a lower price affect consumers and producers.
- Share how the changes of price for an elastic good and an inelastic good you use regularly has affected your purchasing and lifestyle.
- Discussion 4 Respond to the following in a minimum of 175 words:
- Compare and contrast the characteristics of monopolistically competitive, monopolistic, and perfectly competitive markets.
- Provide an organization that is an example of each and discuss how changes in their pricing affect your purchase decisions.
- Discussion 5 in a competitive labor market, the demand for and supply of labor determine the equilibrium wage rate and the equilibrium level of employment.
- Discuss the relationship between how these markets determine the wage rate and the quantity of labor that should be employed.
- Share an example, beyond your textbook, that demonstrates this relationship.