Description
You are on the hot seat of the nation’s top economist! Are you ready to apply your understanding of the concepts from Chapters 1 to 4? Here is your opportunity to share your comprehension of the concepts covered in these four chapters to our economy (aka our course-mates) at large.
Select 1 option from the following choices in order to complete the Chapters 1-4 Discussion assignment. This will consist of a Main Post (minimum 300 words) and a Reply Post (minimum 200 words) and only 1 attempt.
You will not be able to see other student’s posts until you make a post.
View Discussion Rubric to understand how you will be evaluated.
Option 1
Remember what you learned about graphs from the chapter 1 appendix. Select a data set from the following website: https://mathcs.org/statistics/datasets/index.html
(Titanic disaster and student-survey seem to be good datasets but you can choose any of the excel spreadsheets listed)
- Create two graphs with your data set.
- Must have two of the following: time series, pie chart, bar graph or scatter diagram.
- What relationship are you trying to show with your first graph.
- What relationship are you trying to show with your second graph.
- Why did you choose your specific graph types (i.e. time series, pie chart, bar graph or scatter diagram)?
- Was there anything in the data that you didn’t understand?
- What gave you trouble creating your graph/what could you improve?
Option 2
While thinking about what you learned in Chapter 2 in your textbook, select a country that you intend to research.
Write a new thread in which you respond to all of the following prompts/questions:
1. Identify your chosen country.
2. List three major goods and/or services the state produces / provides. Use https://commodity.com/data/
3. Identify the country’s most recent unemployment rate. Explore the data from the https://countryeconomy.com/unemployment
4. Does your chosen country have an absolute advantage OR comparative advantage OR both in the goods / services that you identified in item b compared to other countries around the globe? Explain how in detail.
5. Would you consider your chosen country an advanced economy, emerging market, or developing economy? Why?
Option 3
Use what you have learned about Supply and Demand to analyze this situation.
Over the last year, we have seen the price of lumber increase by more than 200%.
- List two factors of demand that could cause this increase in price (this doesn’t have to be the actual reason why we are seeing the change; any factor will do). What way would demand have to shift to increase price?
- List two factors of supply that could cause this increase in price. What way would supply have to shift to increase price?
- What do you think would happen if the government implemented price gouging laws for lumber so there would be a price ceiling (or not letting price increase)? Do you think this would be a good policy?
- The Biden Administration has talked about potentially increasing the tariffs on lumber from Canada, what impact do you think this would have on the price of lumber in America? (I know we haven’t covered tariffs, but I want you to think about what might happen)
- Do you think increasing lumber prices are a problem? If so, how would you go about addressing this problem? If not, why shouldn’t we be worried about it?