Using the Resources listed below, create: two typewritten pages, one on A and one on B below (size 12 font) and a chart as described in Part C.
A. A good, complete definition of Microeconomics (in your own words)
Explain the following concepts in relation to Microeconomics (1 page double-spaced, 12 pt font)
|1.||MARKETS AND PRICES|
|2.||SUPPLY AND DEMAND|
|3.||COMPETITION AND MARKET STRUCTURE|
|6.||THE ROLE OF THE GOVERNMENT|
B. A good, complete definition of Macroeconomics (in your own words)
Explain the following concepts in relation to Macroeconomics: (1 page double-spaced, 12 pt font)
|1.||GROSS NATIONAL PRODUCT|
|5.||INFLATION AND DEFLATION|
C. Create a supply and demand chart using your own data.
1. Indicate the equilibrium.
2. Explain or illustrate how an increase or decrease in supply and demand will effect the curves on the graph.
www.google.com (Use this as a starting point–or other relevant search engines)
Clayton Gary, Economics, Principles and Practices, 1995, Glenco/McGraw-Hill,Westerville, Ohio.
Wolken, Lawrence, Invitation to Economics, Third Edition, 1988, Scott,Foresman and Company, Glenview, Illinois.
Arnold, Roger, Economics in our times, 1995, West Publishing Company, St. Paul, Minnesota.
Miller, Roger, Economics Today & Tomorrow, 1991, Glencoe, New York, New York
|Use of Resources|
|Use of Technology|
|Use of the Internet|
|Presentation of the Graph|
|Format and Presentation of Power Point|
|Explanation of Concepts|
In a market economy, your opinions count when you cast your dollar “votes” for the goods and services you like best. You express your demand for a product when you are willing and able to purchase it. When someone is willing to pay for a product—the higher the pay, the more you are willing to supply. Supply is the amount of production. When the supply satisfies the demand, the situation is called the equilibrium, and variables such as price and quantity will remain unchanged unless something happens to disturb the system.