Economics Homework Seven Answers - Student Seventeen

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JonathanL Homework week 7


1) The four elements of perfect competition are : many buyers and sellers; goods that are perfect substitutes for each other; perfect knowledge in the market; and perfect mobility of resources.

2) In the end the only way to be truly motivated is to be in competition with yourself. As far as sports go, I could care less what other people are doing to make themselves better, because in a sense I am not competing against them, rather myself. Worrying or concerning yourself with other’s progress proves only to be futile in the long run. Wasting your time watching others practice and improve is merely lost time for bettering yourself.

3) How can economics be infused in actual life… Too many fields only limit themselves to theory, like socialism.

4) Yes but the converse is much harder to obtain… It is much easier to destroy or pollute someone’s mind then it is to rid their mind of those same sinful thoughts. One gallon of oil can pollute 1,000,000 gallons of fresh water in a matter of hours. However, reversing those effects can take months.

6) Your loss in wealth is 2,250$.


7) NO there is not. Homeschoolers have a huge advantage because their parents are their teachers, and parents care far more for you than any teacher at public school would. Also, you can cater to the individual rather than the masses. In public school, everyone is forced to follow the same time schedule and take the same classes. What if you don’t want to do art? If you are in public school, then you fail. If you are home schooled, then you do something that you want to do that betters YOUR education. Similarly, homeschoolers do 33% better on average than public schooled children.

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