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Economics Lecture Two (view source)
Revision as of 14:20, September 7, 2009
, 14:20, September 7, 2009→Assignment: done
==Assignment==
==Assignment==
Read the lecture, and reread any section that you did not fully understand. Complete the homework assignments through the level in which you choose to enroll in this course:
Read the lecture, and reread any section that you did not fully understand. Complete the homework assignments through the level in which you choose to participate in this course:
1. The supply of a good, and the demand for that good, determine both the ______ and ______ at which the good is sold (assuming it is a free market).
1. The supply of a good, and the demand for that good, determine both the ______ and ______ at which the good is sold (assuming it is a free market).
6. "Time is money." Explain. Or, as an alternative, improve on our definition of a "free market." Or, as a third alternative, explain how the free market is so much powerful than even the wealthiest people in the world.
6. "Time is money." Explain. Or, as an alternative, improve on our definition of a "free market." Or, as a third alternative, explain how the free market is so much powerful than even the wealthiest people in the world.
7. Explain ''why'' waiting lists develop in countries (like Canada and England) where the government prohibits anyone from charging more than fixed prices for medical services, prices that are lower than what the price would be under supply and demand in the free market. (Hint: the reason is related to the effect of price controls on the ''supply'' of a good or service.)
7. Explain ''why'' waiting lists develop in countries (like Canada and England) where the government prohibits anyone from charging more than fixed prices for medical services, assuming that these fixed prices are lower than what the prices would be under supply and demand in the free market. (Hint: the reason is related to the effect of price controls on the ''supply'' of a good or service.)
===Honors===
===Honors===
10. Discuss any aspect of the economics of health care.
10. Discuss any aspect of the economics of health care.
11. How are the forces of supply and demand and the free market helpful to someone who might otherwise be an social outcast and victim of prejudice in a community? Alternatively, discuss the social benefits of a "free market" more generally.
11. How are the forces of supply and demand and the free market helpful to someone who might otherwise be an social outcast and victim of prejudice in a community? In addition or alternatively, discuss the social benefits of a "free market" more generally.
12. Compare "equilibrium" in economics to "equilibrium" in other fields (such as chemistry or physics) or in life itself (such the flow of traffic on highways), using specific examples.
12. Compare "equilibrium" in economics to "equilibrium" in other fields (such as chemistry or physics) or in life itself (such the flow of traffic on highways), using specific examples.