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June 7, 2024

Discussion Project

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.

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