Choose two (2) of the following six essay topics below and write a 3 paragraph essay (Introduction, Development & Conclusion) on each chosen topic.
- Discuss the 10 principles of Economics. Provide detailed examples to illustrate each and explain their application in our daily life.
- The economic cycle is the natural fluctuation of the economy between periods of expansion and contraction. Explain the time periods in the cycle and discuss how they affect gross domestic product (GDP), consumer spending, and employment levels.
- Discuss the market forces of demand and supply. Include in your discussion, a definition of demand and supply, the distinction between movement along a curve and movement to a new curve, as well as the key determinants of demand and supply.
- In his book Principles of Economics (1890), Alfred Marshal defines Economics as â€œa study of mankind in the ordinary business of life. Explain how individuals make rational decisions to attain and use the scarce resources necessary to their wellbeing.
- In his book, An Inquiry into the Nature and Causes of the Wealth of Nations (1776), Adam Smith coined the term ‘invisible hand’ to describe the unintended social benefits that result from individual actions. Explain the law and discuss its application in our current economic system.
- Define David Ricardo’s law of comparative advantage, explain its assumptions, and discuss how it leads to gain through specialization and trade.