In this Task we will cover the fundamentals of microeconomics concepts like supply and demand and equilibrium. We will answer questions such as: How are prices determined? What did Adam Smith mean when he said the market process works like an “invisible hand”? We will also cover all the key topics including competition, price discrimination, externalities, public goods, and more.
Week 1 introduces the student to the discipline of Economics. The focus in on the importance of making choices and defining economics while examining the three basic questions addressed by economics.
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Watch video: Resources and Scarcity
Read Chapters 2 & 3 for discussion.
Read Policy Example: Why the free file tax service is not really free in the textbook p. 30.
Answer “For Critical Thinking” question.
Remember: All writing must be supported by academic literature and will be in APA format during this course. You must cite each sentence in which you used materials from your academic literature. Your work will be checked for academic integrity by the TII system. For a great breakdown of academic literature, please visit: https://www.lib.unb.ca/research/success/understanding.php
Do not use Wikipedia, Ask.com, Articlebase, businessdictionary.com, eHow, smallbusiness.chron.com, slideshare, referenceforbusiness.com, or term paper websites. From time-to-time, the professor may point out other sources that are not reliable academic sources.
Upload your task using one Word file.
SAMPLE SOLUTION
Scarcity
In economics, valuable resources such as labor, capital, and land are never enough to meet the demand. This is what is referred to as scarcity (Hamilton et al., 2019) . Given that resources are always limited, people are expected to make choices and decisions to manage the available resources. In that connection, microeconomics is an economic concept that focuses on decisions made by individuals with respect to costs, resources and tradeoffs. There are various microeconomic concepts that characterizes the existing economic system.
Supply and Demand Under normal circumstances, prices are determined by what is commonly known as the law of supply and demand. When the demand for a given commodity increases, sellers increases the price and consequently make higher returns. The profitability aspect attracts new producers/suppliers of the commodity which translates to increased…
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