ECN 220 Grand Canyon All Week Discussions
ECN 220 Grand Canyon Week 1 Discussion 1
Nobel prize-winning economist Milton Friedman summarized the idea of opportunity cost with his now famous remark: “There is no such thing as a free lunch.” What was Friedman really saying when he made this comment? Provide two real-life examples (one professional and one personal) in which you had to make a choice involving opportunity costs. Explain how opportunity costs influenced your decision making.
ECN 220 Grand Canyon Week 1 Discussion 2
Is an understanding of microeconomics an important part of your employer’s decision-making process? If so, what role does economics play in your employer’s decisions? If not, elaborate on the noneconomic criteria your employer uses to make business and/or organizational decisions? Provide at least two real-life examples in which economics impacts your employer’s decision-making process.
ECN 220 Grand Canyon Week 2 Discussion 1
All U.S. states subsidize education for college students, mostly by charging below-cost tuition. Nearly free tuition is available in many European countries and Canada. Do you think the government should subsidize college education so that it can be provided with very low tuition? Or, should college education be allocated in a market system, in which prices are set by supply and demand? Provide your rationale.
ECN 220 Grand Canyon Week 2 Discussion 2
Give two examples of actions taken by a company, government, or organization whose effect is to prevent specific markets from reaching equilibrium. What evidence of excess supply or excess demand can you cite in these examples?
ECN 220 Grand Canyon Week 3 Discussion 1
Jane spends all her income on hot dogs and caviar. Her demand curve for caviar is inelastic at all prices for caviar. Unfortunately, the accident at Chernobyl has caused the supply of caviar to fall and the price to rise. What has happened to Jane’s consumption of hot dogs? Explain. (Note: You should assume that the accident at Chernobyl had no effect on the price of hot dogs or Jane’s preference for caviar.)
ECN 220 Grand Canyon Week 3 Discussion 2
How does the price elasticity of demand affect a firm’s pricing decisions? Give a real-life example of an actual company and a product or service that substantiates your response to this question.
ECN 220 Grand Canyon Week 4 Discussion 1
Walmart is one of the most commercially successful U.S. companies today. Relate what you have learned about costs to why Walmart has been so profitable. Has Walmart’s success come at any cost? What is the most serious charge against Walmart? What is the most significant benefit that Walmart offers?
ECN 220 Grand Canyon Week 4 Discussion 2
You are the owner of a family-owned restaurant. You do not pay yourself a salary or an hourly wage. How and why does this practice affect the economic cost of serving your patrons?
ECN 220 Grand Canyon Week 5 Discussion 1
Why is the U.S. GDP so much higher than that of Mexico? Would the same reasons apply when we compare the U.S. GDP to Canada’s GDP?
ECN 220 Grand Canyon Week 5 Discussion 2
If the government were to make university attendance mandatory and subsidize tuition costs with tax dollars, how might this affect a nation’s economic growth?
ECN 220 Grand Canyon Week 6 Discussion 1
What is the role of money in the modern economy? How well would our economy function without money? What would the consequences be?
ECN 220 Grand Canyon Week 6 Discussion 2
What is the primary function of banks in the macro economy? How do banks facilitate the circular flow?
ECN 220 Grand Canyon Week 7 Discussion 1
Why would a country such as the United States, which can presumably produce everything it needs itself, choose to trade with other nations?
ECN 220 Grand Canyon Week 7 Discussion 2
Is a country with a trade surplus better off or worse off than a country with a trade deficit? Provide your rationale.