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Assignment Task :
The Questions
I. One of the Principles of economics is “Markets Are Usually A Good Way to Organize Economic Activity”. Based on your understanding of this principle, first, explain in detail the idea behind this principle. Second, how the resources and economic activity are organized under socialism and capitalist systems. Third, in your opinion, which system that do you believe is better in the allocation of resources as well as organize economic activity
2. One of the Principles of economics is “Trade Can Make Everyone Better Off.” Based on your understanding of this principle, first, explain the fundamental principles of the trade between two countries. Today we can see that some countries started to impose some restrictions on the flow of goods and services, do you think these practices contradict the principle? Why?
3. Today and due to the spread of Covid-19, we can observe that some sectors in an economy are expanding while others contracting. Using the demand-supply framework, give an example for one industry that is growing and one industry that is shrinking. Use the graphs to explain your idea and demonstrate why this is happening.
4. After you graduate from university, you find a job in a company that produces good X. You are working in a competitive market. Your boss asks you to compute the price elasticity of demand. The question is: how will your boss benefit from computing each of these elasticities. Explain in detail with an example for each case.
5. Economists disagree with the accountants regarding computing and reporting the cost of production. Please explain the critical difference and discuss, with an example, how these different views affect the profit of a company.
Good Luck !
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