ECON312 January 2019 Full Course Latest (Discussions+Assignments)

ECON312 Principles of Economics
Week 1 Discussion
ECONOMIC THINKING AND ECONOMIC SYSTEMS
Initial Post (up to 10 points)
Why do we make choices? Is being rich or poor a choice? Is living healthy or unhealthy a choice? What about having kids? Is that a calculated choice or simply an accident? Why do rural areas have typically calmer and nicer people than cities where you find a mix of professionals and difficult people? Why do you bother wrapping your friend’s gift knowing that the wrapping paper is going to be thrown away? Does going to school make sense? How do you know?
These are among countless questions that could be answered through understanding the economics way of thinking. Economists do nothing but watch how the world, including people, work and make calculated assumptions to help the world become a better place.
For your initial post, answer one of the following questions.
Share with us an example from your life where you had to make a choice knowing that you are giving up opportunities for doing or gaining something else. Tell us about your thinking process and how you arrived at the final choice you made. Would you make the same choice again?
Moreover, why do consumers make choices when they acquire something (jobs, money, friends, vacations, sleep, living places, etc.)? And why do individual producers or nations have to choose the type, quality, and quantity of what they produce?
Multimedia Post (up to 15 points)
Create a short, 1- to 2-minute slide presentation with a voice narration or a video using any technology you are comfortable with to explain one of the economic concepts listed below. Suggestions include creating an Adobe Spark Page (Links to an external site.)Links to an external site. with a Spark Video, Kaltura video post, or a narrated PowerPoint. 
Start the presentation by introducing yourself (name and your topic of choice), and then give a brief explanation of at least one of the concepts listed below, including an example to support your presentation.
Opportunity cost
Trade off
Scarcity
Economic problem
Self-interested versus selfish
Production possibilities frontier
Budget line
Utility
Economic growth
The market system and the command system
Specialization
The circular flow
Peer Response Post (up to 10 points)
Respond to at least one of your peers’ initial posts or multimedia posts.
Your response should add new facts, ideas, knowledge, and/or corrections to the initial post or the multimedia post. Also, provide examples to support your response post.
 
ECON312 Principles of Economics
Week 2 Discussion
DEMAND, SUPPLY, AND ELASTICITY
Initial Post (up to 10 points)
Shift in Supply & Demand: Choose a commodity (a good or a service) that you are familiar with and discuss how and when demand and supply have changed (shifted) for this commodity. Provide examples of historical or current events where market demand and market supply for that commodity have shifted significantly, and state the factors that you believe have caused the shift in supply and/or in demand.
Multimedia Post (up to 15 points)
Create a short 1- to 2-minute slide presentation with a voice narration or a video using any technology you are comfortable with to explain one of the economic concepts listed below. Suggestions include creating an Adobe Spark Page (Links to an external site.)Links to an external site. with a Spark Video, Kaltura video post, or a narrated PowerPoint.
Start the presentation by introducing yourself (name and your topic of choice), and then give a brief explanation of at least one of the concepts listed below, including an example to support your presentation.
Law of demand
Law of supply
Demand versus quantity demanded
Supply versus quantity supplied
Demand determinants
Supply determinants
Market equilibrium, equilibrium price, and equilibrium quantity
Price elasticity of demand
Income elasticity of demand
Cross elasticity of demand
The relationship between total revenue and price elasticity of demand
Peer Response Post (up to 10 points)
Respond to at least one of your peers’ initial or multimedia posts.
Your response should add new facts, ideas, knowledge, and/or corrections to the initial post or the multimedia post. Also, provide examples to support your response post.
 
ECON312 Principles of Economics
Week 3 Discussion
MARKET STRUCTURE AND PROFIT MAXIMIZATION
Initial Post (up to 10 points)
Suppliers such as your local water suppliers, railroad, restaurants, coffee shops, hairdressers, artists, gas stations, movie theaters, airlines, universities, and so forth, operate under different market structures. All businesses exist for one purpose, which is to make profits. Profits or losses occur as a result of interaction between cost of production and market price. Higher production could lead to higher revenue; however, higher prices reduce quantity demanded and might lead to higher cost of production. In sum, suppliers and producers will make profit only when average total cost of production is lower than market price.
For your initial post, answer one of the following questions.
Provide an example of a firm or a small business from the real world that is surviving the dynamic nature of monopolistic competition, and discuss some approaches they have used (or are currently using) to compete and survive in the market.
Provide an example or a scenario from your personal (or professional) experience, an observation, a story that you have read, or an idea or thought that you might have for practical, creative, and/or effective ways to minimize production costs in order to maximize profits.
Multimedia Post (up to 15 points)
Create a short 1- to 2-minute slide presentation with a voice narration or a video using any technology you are comfortable with to explain one of the economic concepts listed below. Suggestions: Adobe Spark Page (Links to an external site.)Links to an external site. with a Spark Video, Kaltura video post, or a narrated PowerPoint.
Start the presentation by introducing yourself (name and your topic of choice), then give a brief explanation of at least one of the concepts listed below, including an example to support your presentation.
Fixed costs versus variable costs
Explicit costs versus implicit costs
Accounting profits versus economic profits
Marginal cost and marginal revenue
Production maximization output
Optimum level of output
Monopolistic competition
Perfect competition
Law of dimensioning return to labor
Peer Response Post (up to 10 points)
Respond to at least one of your peers’ initial posts or multimedia posts.
Your response should add new facts, ideas, knowledge, and/or corrections to the initial post or the multimedia post. Also, provide examples to support your response post.
 
ECON312 Principles of Economics
Week 4 Discussion
GROSS DOMESTIC PRODUCT (GDP)
Initial Post (up to 10 points)
Follow the steps below to obtain real-world information about GDP growth pattern from the Bureau of Economic Analysis to assess GDP current situation. Use your findings to answer the questions below.
Go to www.bea.gov (Links to an external site.)Links to an external site..
Click on the National tab (on the top left-hand side).
Click on Interactive Tables: GDP and the National Income and Product Account (NIPA) Historical Tables (Links to an external site.)Links to an external site. (on the left-hand side under subtitle Gross Domestic Product (GDP)).
Click on Begin Using the Data (found under GDP & Personal Income).
Click on SECTION 1: Domestic Product and Income.
Click on Table 1.1.1. Percent Change from Preceding Period in Real Gross Domestic Product (A) (Q).
To expand your search after you click on the Table, click on Modify on the top middle portion of the table above the results, then change the First Year to 2005 and Last Year to the current year, and then change the Series to Annual, and then click on Refresh Table. Note what happened before and after the recession of 2007–2008.
 
Also, explore other tables, particularly Table 1.1.2. and Table 1.1.4 to learn about changes in prices and how and why GDP changes.
For your initial post, answer one of the following questions.
What is the current GDP growth rate? Also, examine the trend of GDP growth over the past few years. What stage of the business cycle is the U.S. economy currently in given the trend of GDP growth?
What components of GDP tend to decline significantly during recessions (particularly during the 2008 recession), and what GDP components rise during expansion? In other words, what aspects of GDP are mostly affected when the economy slows down? and why?
Multimedia Post (up to 15 points)
Create a short 1- to 2-minute slide presentation with a voice narration or a video using any technology you are comfortable with to explain one of the economic concepts listed below. Suggestions: Kaltura video post, or a narrated PowerPoint.
Start the presentation by introducing yourself (name and your topic of choice), and then give a brief explanation of at least one of the concepts listed below, including an example to support your presentation.
GDP income approach
GDP expenditure approach
Nominal GDP versus real GDP
Potential GDP
Economic growth
Determinants of economic growth
Production possibilities curve
Peer Response Post (up to 10 points)
Respond to at least one of your peers’ initial posts or multimedia posts.
Your response should add new facts, ideas, knowledge, and/or corrections to the initial post or the multimedia post. Also, provide examples to support your response post.
 
ECON312 Principles of Economics
Week 5 Discussion
UNEMPLOYMENT
The Bureau of Labor Statistics provides up-to-date statistics about unemployment and employment on the national and regional levels. It also provides unemployment-related data by different groups such as age, gender, ethnicity, educational attainment, and so forth.
Follow the link below to access and review unemployment related statistics then answer the discussion question.
Go to the Bureau of Labor Statistics website, www.bls.gov/news.release/empsit.toc.htm (Links to an external site.)Links to an external site..
Click on and review the following links to learn about the relationship between age, race, and gender and unemployment.
Employment Situation Summary
Employment Situation Summary Table A. Household data, seasonally adjusted
Table A-2: Employment status of the civilian population by race, sex, and age
What interests or surprises you from the summary tables? Discuss the differences in unemployment rates by gender, age, educational attainment, and so forth, and provide possible explanation for the variations in unemployment over time and the variation in unemployment by age, gender, educational attainment, and race.
Multimedia Post (up to 15 points)
Create a short 1- to 2-minute slide presentation with a voice narration or a video using any technology you are comfortable with to explain one of the economic concepts listed below. Suggestions: Adobe Spark Page (Links to an external site.)Links to an external site. with a Spark Video, Kaltura video post, or a narrated PowerPoint.
Start the presentation by introducing yourself (name and your topic of choice), and then give a brief explanation of at least one of the concepts listed below, including an example to support your presentation.
Business cycles: Recessions and expansions
Unemployment
Full employment
Inflation
Aggregate demand
Shift in aggregate demand
Aggregate supply
Shift in aggregate supply
Aggregate supply and its determinants
Macroeconomic equilibrium
Peer Response Post (up to 10 points)
Respond to at least one of your peers’ initial posts or multimedia posts.
Your response should add new facts, ideas, knowledge, and/or corrections to the initial post or the multimedia post. Also, provide examples to support your response post.
ECON312 Principles of Economics
Week 6 Discussion
MONETARY POLICY AND FISCAL POLICY
A healthy economy typically has low rates of unemployment and steady prices. Low rates of unemployment means that the economy is operating at its full potential. To ensure the economy continues to operate at potential GDP (full capacity where all savings are invested in production functions, and where all those who wish to work can find a job, and all other factors of production are fully utilized in the production function), governments use fiscal and monetary policies to lower unemployment rates and to control prices (inflation).
For your initial post, answer one of the following questions.
Discuss the primary goals of expansionary and contractionary fiscal policies and their effects on unemployment rates, inflation rates, interest rates, private investment, and GDP.
Discuss the goals of expansionary and contractionary monetary policies used by the Federal Reserve Bank and the approaches (called monetary policy tools) used to achieve each policy. Also, discuss the effect of each policy on GDP, price level, private investment (investment in capital acquisition by firms and housing by households), and net trade.
In your opinion, which policy is more effective—monetary policy or fiscal policy? Why?
Multimedia Post (up to 15 points)
Create a short 1- to 2-minute slide presentation with a voice narration or a video using any technology you are comfortable with to explain one of the economic concepts listed below. Suggestions: Adobe Spark Page (Links to an external site.)Links to an external site. with a Spark Video, Kaltura video post, or a narrated PowerPoint.
Start the presentation by introducing yourself (name and your topic of choice), and then give a brief explanation of at least one of the concepts listed below, including an example to support your presentation.
Expansionary fiscal policy
Contractionary fiscal policy
Government budget deficit
Money supply
Interest rate and demand for money
Required reserve
Expansionary monetary policy
Contractionary monetary policy
Peer Response Post (up to 10 points)
Respond to at least one of your peers’ initial posts or multimedia posts.
 
ECON312 Principles of Economics
Week 7 Discussion
INTERNATIONAL TRADE AND EXCHANGE RATES
INITIAL POST (UP TO 10 POINTS)
Trade is the exchange of goods for goods or labor service for money (indirect). Trade is based on what people can do well given their factor endowment (knowledge, abilities, skills, and resources). International trade is the exchange of good, services, and capital across international borders. International trade is based on the concept of comparative advantage, which is the country’s ability to produce a good or a service at a lower opportunity cost than other countries. Factor endowment is generally what determines the country’s comparative advantage. It is assumed that if every country is specialized in producing what they are good at producing (meaning lower opportunity cost), every country will have more goods and services and more income.
For your initial post, answer one of the following questions.
1. Take a closer look at our local economy or a country of your interest and pick a good or a service that you believe America (or your country of choice) has a comparative advantage in producing. Discuss the factors that you believe give America (or your country of choice) such an advantage.
2. In addition, which is better for a country—to export more or to import more?
3. Moreover, what is the impact of trade surplus (exporting more than importing) and trade deficit (importing more than exporting) on GDP, employment, and the exchange rate of the country’s currency?
MULTIMEDIA POST (UP TO 15 POINTS)
Create a short 1- to 2-minute slide presentation with a voice narration or a video using any technology you are comfortable with to explain one of the economic concepts listed below. Suggestions: Adobe Spark Page (Links to an external site.)Links to an external site. with a Spark Video, Kaltura video post, or a narrated PowerPoint.
Start the presentation by introducing yourself (name and your topic of choice), and then give a brief explanation of at least one of the concepts listed below, including an example to support your presentation.
International trade
Comparative advantage
Absolute advantage
Production possibilities curve
Exports and imports
International specialization
Gains from trade
Barriers of trade: Tariffs and quotas
Foreign exchange
Flexible exchange rate
Fixed exchange rates
 
 
ECON312 Principles of Economics
Week 8 Assignment
Professional and Personal Reflection Assignment
As we have learned throughout the course, economic conditions and principles have an important impact on how we and the world around us analyzes and applies these principles to address issues. This week, you will consider the rolethat having a better understanding of the principles of economics will play in your life and your career path as you reflect on the team collaboration experience along with the knowledge that you have gained this session.
Compose your professionally focused responses from the broader perspective of one of the following three career path areas: business, technology, or healthcare. Or if you prefer, you may narrow the focus down to a very specific career path that you are already in or are seeking.
This week, you will write a reflective essay that addresses the following questions. Use at least one or two fully developed paragraphs for each response.
What are your career goals? How do the principles of economics (macro or micro) influence these goals?
What concepts from the course are applicable to your career path? Name and describe at least two economic concepts that will translate to your profession. Explain why these concepts are important and how they will be helpful to you or to the organization you will work for.
What concepts from the course are applicable to your personal life? Name and describe at least one economic concept that you consider to be an important takeaway from this course. Explain why, and describe how you plan to apply it.
What can you do to continue to reinforce and grow these ideas about economics and/or about ways to improve team collaboration? What are some of the resources that you can utilize as you continue your education?
Successful assignments will accomplish the following.
Have a clear focus that clearly links course content knowledge and objectives to career path and personal application.
Use concrete economic concepts from class discussion and the readings to address professional goals and areas for economic-competency development.
Draw on experience with team dynamics—people collaborating toward a common goal.
Establish a plan for continuing to scaffold knowledge and develop as a professional.
Demonstrate articulation (mechanics, spelling, clarity, structure, and organization, utilizing APA style and grammar to produce a well-designed and coherent document).
 
ECON312 Principles of Economics
Week 2 Case Study
Supply and Demand
OVERVIEW
A market exists whenever buyers and sellers meet to exchange goods and services. A mall is a market, a street is a market, your classroom is a market, a garage sale is a market, and even the airplane you ride is a market. Markets are everywhere. Their primary purpose is to get suppliers (producers) and demanders (buyers) together to sell and buy at a price they both agree on.
Market demand represents the sum of the individual demand for a commodity (a good or a service) from buyers in the market. On the other hand, market supply represents the total quantity of a commodity that producers are willing and able to provide to the buyers at a given price level. Market equilibrium occurs where the quantity supplied equals the quantity demanded, and the market price (equilibrium price) is set at that quantity (equilibrium quantity).
The equilibrium price and equilibrium quantity are not static, however, meaning that they change due to changes in market demand or market supply.
A commodity or an idea might be a “hot item” and very popular at one point in time where people are willing to pay a high price for it, and producers will be willing to produce more of it because it is profitable. Smoking a cigarette at one point in time was considered a symbol of “a tough man” and smoking was acceptable everywhere, including inside hospitals! But what has changed for cigarettes? Whenever the demand for a commodity rises or declines, and whenever the production of a commodity expands or shrinks, it is certain that at least one market force or a set of market forces have taken place to cause this change. At the same time, whenever market demand and/or market supply changes, the market price and the quantity of that commodity available in the market changes, too.
Dynamic and free markets are constantly changing due to changes in factors (determinants) that affect either demand, supply, or both. Analyzing and understanding the forces behind the shift in market demand and market supply determines the growth pattern of the commodity.
Assignment Description
In this assignment, we are going to analyze the changes in market demand and market supply for a commodity (a good or a service). In addition, we will also analyze how the changes in demand and supply affected the market price and production of this commodity. To do so, we will are going to address the key factors (determinants) that have caused the shift in demand and/or the shift in supply. The goal here is to provide an objective analysis of the forces that have caused this change in order to better understand the behavior of the market and to determine the potential growth or decline for this commodity. Some of the commodities that have experienced a drastic change (an increase or a decrease) in supply and/or demand in recent years are organic foods, cage-free eggs, social media, higher education, online education, healthcare services, online banking, online shopping, DVD players, digital cameras, fidget spinners, health clubs, bottled water, landlines, Cash for Gold, and fried food. You could use one of these commodities for your study or choose one you are familiar with or prefer.
To start, select a commodity that you wish to analyze to determine changes in its market demand, market supply, equilibrium quantity (output), and equilibrium price.
Your research should be structured with consistent and clear thoughts. It should be supported by facts and data, and you must base your results on these facts. Your conclusions should be thorough and based on your findings and understanding of supply and demand determinants.
Writing Style and Page Number Requirements
Font Type: Times New Roman or Arial
Font Size: 12
Spacing: Double
Number of Pages: Four to six pages, along with a separate Title page and a separate References page
Structure and Requirements
Title Page
Title of the paper
Name of the author
E-mail address of the author
Class name
Professor’s name
Date
Introduction
Describe your commodity and the market that commodity targets. Also, state when, how, and why it became popular or less popular. In addition, state the factors (demand determinants and supply determinants) that have caused its supply and demand to change and how those changes affected its price. Basically, why has demand and supply for that commodity changed?
Data
Obtain data from at least three credible sources (not Wikipedia) to provide facts about the changes in demand and supply.
Use tables, graphs, and figures to support your argument. You could use figures that show the changes in demand and supply, as well as changes in the market price for the commodity.
Analysis
Use the findings from your data section to fully explain the growth or decline pattern of the supply and demand. Is the commodity growing or is it declining, and why? If it is growing, state the factors that led to its growth. If it is declining, state the factors that led to its decline.
Conclusion
Provide your own final thoughts, opinions, and understanding of the outcome. Do you believe this commodity is profitable for its producers? Or should they provide something different instead? Should they modify the commodity? Moreover, if you were to produce this commodity, what would you do to increase your revenue?
Reference List
Use at least three professional sources to support your argument. The references need to be in APA format. To learn more about APA format, click on the link below.
 
ECON312 Principles of Economics
WEEK 5 CASE STUDY
Unemployment
Overview
People need income in order to consume, and consumption leads to production, and production leads to higher demand for labor (employment), so unemployment is a crucial macroeconomic issue that confronts all modern economies. A lower unemployment rate, however, is not the end of the problem. The type of employment and the price of labor (wages) have to be sufficient for consumption (which is the major component of GDP) for the economy to be healthy. If wages are low or if the prices in the economy are high, consumption would be low and thus, production and demand for labor would be low as well. So high unemployment rate, high part-time employment rate for economic reasons, and low wages could have negative effects on economic growth.
Assignment Description
In this assignment, you need to analyze unemployment-related issues. You need to analyze only one issue (topic).
You are going to study the past trends, provide an overview of the current status, and provide solutions to overcome any problems related to the issue you are studying. You will use data, articles, and government reports to draw a clear picture of the current unemployment issues.
Some unemployment-related topics that you could choose from (choose only one topic) include the following.
Part-time employment rates for economic reasons
Unemployment rates among young college graduates
Unemployment rates by gender
Unemployment rates among Black and Hispanic communities
Low supply of labor (professionals) in certain industries
High supply of labor in education
Low wages by profession and their causes
Low demand for labor in some industry (you could choose whatever industry you wish)
Low wages in some parts of the country
High unemployment rate among workers with high school diploma or less
Your research needs to be structured with consistent and clear thoughts. It also needs to be supported by facts and data. Your results need to be based on solid facts. Your conclusion and recommended solution need to be thorough and based on your findings and understanding of unemployment and GDP.
Writing Style and Page Number Requirements
Font Type: Times New Roman or Arial
Font Size: 12
Spacing: Double
Number of Pages: Six to seven pages, along with a separate Title page and a separate References page
Structure and Requirements
Title Page
Title of the paper
Name of the author
E-mail address of the author
Class name
Professor’s name
Date
Introduction
Include the following in your introduction.
A clear definition of unemployment and how and why it rises and declines in the economy
Briefly provide your understanding of the relationship between economic growth (GDP growth), high/low unemployment, high/low wages, and the way they impact one another.
An overview of the current unemployment rates in the economy using facts and statistics (tables or graphs)
A brief description of the unemployment-related issue (topic) that you are going to address in this paper
Data
Obtain data from at least two credible sources (not Wikipedia) to provide facts about unemployment and wages and their growth pattern and their current statuses.
Obtain data about changes in unemployment rates for a period of 10 years.
Obtain historical data (10 years or more) about GDP growth rate (percentage) and Real GDP volume (in dollar value).
Obtain historical data (10 years or more) about the issue (topic) you are going to study in this paper, as well as data about its current status.
Use tables, graphs, and figures to support your argument. You can find the latest unemployment data at www.bls.gov (Links to an external site.)Links to an external site. (Bureau of Labor Statistics).
Analysis
This section needs to contain the following discussions based on the data that was gathered and your understanding of unemployment and GDP.
Unemployment Rates: Discuss the trends of unemployment rates over the past 10 years and provide your objective analysis of the changes in unemployment and the current rates. Place extra emphasis on the periods where unemployment was either too high or too low (higher or lower than the natural rate of unemployment).
Issues (your choice): Discuss the unemployment-related issue. Provide an overview of the trends and use facts to highlight the major changes in the trends and the current status. State the reasons why you believe the issue you are analyzing represents a challenge for the economy.
Conclusion and Solution
This section needs to cover the following areas.
Highlight the causes of the issue that you selected and how it impacts the economy negatively and why it needs to be addressed by policy makers.
State your own solution. Basically, answer the following question.
What would you do to solve the issue you addressed if you were in charge of the U.S. economy? State why.
Reference List
Use at least five professional sources to support your argument. The references need to be in APA format. To learn more about APA format, click on the link below.