ECN 220 Grand Canyon Entire Course
ECN 220 Grand Canyon Entire Course
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ECN 220 Grand Canyon Entire Course
ECN220
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.
ECN 220 Grand Canyon Week
2 Chapter 3 Problems Assignment
Complete problems 4, 6,
and 11 in the textbook.
You are not required to
submit this assignment to Turnitin, unless otherwise directed by your
instructor. If so directed, refer to the Student Success Center for directions.
Only Word documents can be submitted to Turnitin.
ECN 220 Grand Canyon Week
3 Chapter 19 Problems Assignment
Complete problems 6, 8, 9,
and 10 in the textbook.
You are not required to submit
this assignment to Turnitin, unless otherwise directed by your instructor. If
so directed, refer to the Student Success Center for directions. Only Word
documents can be submitted to Turnitin.
ECN 220 Grand Canyon Week
3 Chapter 20 Problems Assignment
Complete problems 4, 5, 6,
11, and 12 in the textbook.
You are not required to
submit this assignment to Turnitin, unless otherwise directed by your
instructor. If so directed, refer to the Student Success Center for directions.
Only Word documents can be submitted to Turnitin.
ECN 220 Grand Canyon Week
4 Chapter 21 Problems Assignment
Complete problems 1, 4,
and 5 in the textbook.
You are not required to
submit this assignment to Turnitin, unless otherwise directed by your
instructor. If so directed, refer to the Student Success Center for directions.
Only Word documents can be submitted to Turnitin.
ECN 220 Grand Canyon Week
4 Chapter 22 Problems Assignment
Complete problems 3, 4, 8,
and 9 in the textbook.
You are not required to
submit this assignment to Turnitin, unless otherwise directed by your
instructor. If so directed, refer to the Student Success Center for directions.
Only Word documents can be submitted to Turnitin.
ECN 220 Grand Canyon Week
5 Chapter 6 Problems Assignment
Complete problems 7, 8,
12, and 13 in the textbook.
You are not required to
submit this assignment to Turnitin, unless otherwise directed by your
instructor. If so directed, refer to the Student Success Center for directions.
Only Word documents can be submitted to Turnitin.
ECN 220 Grand Canyon Week
5 Chapter 7 Problems Assignment
Complete problems 5, 6,
and 7 in the textbook.
You are not required to
submit this assignment to Turnitin, unless otherwise directed by your
instructor. If so directed, refer to the Student Success Center for directions.
Only Word documents can be submitted to Turnitin.
ECN 220 Grand Canyon Week
6 Chapter 13 Problems Assignment
Complete problems 2, 3,
and 9 in the textbook.
You are not required to
submit this assignment to Turnitin, unless otherwise directed by your
instructor. If so directed, refer to the Student Success Center for directions.
Only Word documents can be submitted to Turnitin.
ECN 220 Grand Canyon Week
6 Chapter 14 Problems Assignment
Complete problems 3, 6,
and 11 in the textbook.
You are not required to
submit this assignment to Turnitin, unless otherwise directed by your
instructor. If so directed, refer to the Student Success Center for directions.
Only Word documents can be submitted to Turnitin.
ECN 220 Grand Canyon Week
7 Chapter 36 Problems Assignment
Complete problems 8, 9,
and 11 in the textbook.
You are not required to
submit this assignment to Turnitin, unless otherwise directed by your
instructor. If so directed, refer to the Student Success Center for directions.
Only Word documents can be submitted to Turnitin.
ECN 220 Grand Canyon Week
7 Chapter 35 Problems Assignment
Complete problems 2 and 7
in the textbook.
You are not required to
submit this assignment to Turnitin, unless otherwise directed by your
instructor. If so directed, refer to the Student Success Center for directions.
Only Word documents can be submitted to Turnitin.
ECN 220 Grand Canyon Week
3 Assignment
Price Elasticity of Demand
Analysis Essay Questions
Cigarette smoking is
widely recognized as the number one cause of cancer in the United States. One
method the government can use to reduce cigarette smoking is to tax cigarettes.
Read “Macro-Social
Influences: The Effects of Prices and Tobacco-Control Policies on the Demand for
Tobacco Products,” located
athttp://library.gcu.edu:2048/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=a9h&AN=18739643&site=ehost-live&scope=site.
Answer the following essay
prompts about the effect of taxation on cigarette smoking. Each answer should
be two to three paragraphs each; a paragraph must consist of at least four
sentences.
- Who is
likely to be more affected by tax increases on cigarettes: all adults or
young adults? Why? Cite elasticity of demand estimates from the article to
support you answer.
- To have the
greatest effect on reducing cancer from tobacco use, what other products
should the government tax? Why?
- What is the
long-run elasticity of demand for cigarette smoking? What does this mean
for the likely impact of taxes on long-term cigarette use? Why?
APA format is not
required, but solid academic writing is expected.
ECN 220 Grand Canyon Week
5 Assignment
Country Economic Analysis
Report
Select a country of your
choice and collect the following data for the most recent year available. Refer
to the following websites for the data:
https://www.cia.gov/library/publications/the-world-factbook/
http://hdr.undp.org/en/
- GDP (you may
use the purchase power parity figures)
- Per capita
GDP
- GDP growth
rate
- GDP
composition by sector
- Labor force
- Labor force
by occupation
- Population
below poverty line
- Unemployment
Rate.
- Inflation
Rate.
- Human
Development Index Rankings – overall and by category.
Based on your research,
write a summary of 750 words on what you have learned about this country’s
economy. How would you rate the overall economic well-being for this country?
Provide your rationale. Contrast two or three key economic factors for this
country with the U.S. economy and comment. For example, if per capita GDP is
significantly lower in this country than in the United States, what might this
imply?
APA format is not
required, but solid academic writing is expected.
This assignment uses a
grading rubric.
ECN 220 Grand Canyon Week
6 Assignment
Report on the Federal
Reserve System
View The Fed Today video,
located at
http://www.philadelphiafed.org/education/federal-reserve-and-you/index.cfm.
Answer the following
question in a report of 750 words. Why did some Americans lose faith in the
banking system before the Federal Reserve System was in place? Include the
following in your response:
- Explain the
three primary roles of the 12 Federal Reserve Banks.
- Why is the
Federal Reserve referred to as the banker’s bank?
- Describe the
role of the Federal Open Market Committee in conducting monetary policy.
- Based on
this video, why might the Federal Reserve want to decrease the money
supply?
Prepare this assignment
according to the APA guidelines found in the APA Style Guide, located in the
Student Success Center. An abstract is not required
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