Adam Smith Economic Concepts
Please follow the instructions:
- Put your name on each page. If you do not put the name on each page then you will not receive points.
- Create a PDF file that contains all of your answers and submit it by the deadline.
- Each question is worth 2 points. PLEASE WRITE YOUR ANSWERS. DO NOT TYPE.
Question #1
- Select TWO economic concepts or economic ideas from Adam Smith
- For each concept that you selected, write in a paragraph (5 to 7 sentences long) how would you explain this concept to a friend or relative.
- For each concept that you selected, write in a paragraph (5 to 7 sentences long) how would use the concept to explain something that you have observed in your life, or in history, or in the news, or in another world. In other words, how this concept can help you to explain something.
Question #2
- Select TWO economic concepts or economic ideas from David Ricardo.
- For each concept that you selected, write in a paragraph (5 to 7 sentences long) how would you explain this concept to a friend or relative.
- For each concept that you selected, write in a paragraph (5 to 7 sentences long) how would use the concept to explain something that you have observed in your life, or in history, or in the news, or in another world. In other words, how this concept can help you to explain something.
Question #3
- Select TWO economic concepts or economic ideas from Alfred Marshall.
- For each concept that you selected, write in a paragraph (5 to 7 sentences long) how would you explain this concept to a friend or relative.
- For each concept that you selected, write in a paragraph (5 to 7 sentences long) how would use the concept to explain something that you have observed in your life, or in history, or in the news, or in another world. In other words, how this concept can help you to explain something.
Question #4
- Select TWO economic concepts or economic ideas from Karl Marx
- For each concept that you selected, write in a paragraph (5 to 7 sentences long) how would you explain this concept to a friend or relative.
- For each concept that you selected, write in a paragraph (5 to 7 sentences long) how would use the concept to explain something that you have observed in your life, or in history, or in the news, or in another world. In other words, how this concept can help you to explain something.
Question #5
- Select TWO economic concepts or economic ideas from John Maynard Keynes
- For each concept that you selected, write in a paragraph (5 to 7 sentences long) how would you explain this concept to a friend or relative.
- For each concept that you selected, write in a paragraph (5 to 7 sentences long) how would use the concept to explain something that you have observed in your life, or in history, or in the news, or in another world. In other words, how this concept can help you to explain something.
Question #6
- Define and explain a price ceiling and provide a graph.
- Provide a real-life example where you have observed a price ceiling.
Question #7
- Define and explain a price floor and provide a graph.
- Provide a real-life example where you have observed a price floor.
Question #8
Human and institutional behaviour can be modeled as if they think or analyze at the “margin”, or as if they use “Marginal Analysis”.
- Identify an event that you have observed in the news, history, or your life that might be explained with Marginal Analysis
Your answer needs to provide at least two paragraphs.
The first paragraph discusses your observation.
The second paragraph explains how you use Marginal Analysis.
Please make sure to list the benefits and costs.
Question #9
The price of a commodity is determined by the interaction of supply and demand in a market. The resulting price is referred to as the equilibrium price and represents an agreement between producers and consumers of the good.
- Identify an event that involves prices that you have observed in the news, history, or your life that might be explained with Supply and Demand.
Your answer needs to provide at least two paragraphs.
The first paragraph discusses your observation.
The second paragraph explains how you use Supply and Demand.
Please make sure to identify the groups that determine the supply and the groups that determine the demand.