Suggest how an economist would approach the problem of alcohol abuse. Provide two (2) possible solutions to this problem. Include the four (4) elements of the economic way of thinking in your analysis. The economist would approach the problem of alcohol abuse as cost, and how they could put it in real numbers. When measuring the cost of alcohol abuse in any city in the U.S. we must understand what make the assumptions of alcohol abuse comprehensible and to focus on the relevant alcohol abuse. We
Words: 1938 - Pages: 8
Principles of Economics Kenneth Price Professor Sergio A. Hernandez Strayer University ECO 100, 113PA037-1132-001 January 26th, 2013 How would an economist approach the problem of alcohol abuse? According to David H. Jernigan, PhD of the Johns Hopkins Bloomberg School of Public Health, alcohol abuse presents a significant public health problem and raising the tax on alcohol would have the most significant impact to decrease alcohol consumption. Excessive alcohol use causes 79,000 deaths
Words: 1224 - Pages: 5
Abstract In this assignment, Principles of Economics, I will state my answer to the following six questions: First I will suggest how an economist would approach the problem of alcohol abuse. I will provide two possible solutions to this problem, while including the four (4) elements of the economic way of thinking in my analysis. Second, I will analyze how prescription drugs affect the demand and supply of other products and services in this country. Third, I will formulate a reason why the elasticity
Words: 1080 - Pages: 5
Chapter 31: Open Economy Macroeconomics: Basic Concepts Principles of Economics, 7th Edition N. Gregory Mankiw Page 1 1. Introduction a. This another important chapter because its conclusions differ from those that you often read in the newspapers. b. We are shifting from a closed to an open economy. c. Closed economy is an economy that does not interact with other economies in the world. P. 660. d. Open economy is an economy that interacts freely with other economies around the world. P. 660.
Words: 1347 - Pages: 6
Institute of Business Management Chennai - 020 FIRST SEMESTER EMBA/ MBA Subject : Principles of Economics Attend any 4 questions. Each question carries 25 marks (Each answer should be of minimum 2 pages / of 300 words) 1. What are the vital functions of an Economy? Explain the price mechanism. 2. Explain measurement of Price Elasticity of Demand. 3. Describe the kinds of Economic Systems. 4. Price mechanism also known as the market mechanism, that helps to
Words: 5273 - Pages: 22
Analysis: Propane shortage The Economic Principles of the Propane Shortage of 2013-14 Analysis: Propane shortage The Economic Principles of the Propane Shortage of 2013-14 During the winter months, propane is a necessary resource for many families and businesses. In an article written by Elisha Fieldstadt with NBC news, the details of the shortage, and the plans to ease the effects are detailed for the public. Propane is a versatile fuel sourced used in households and in a variety of
Words: 1067 - Pages: 5
Introduction Economic principles are thought not to go hand in hand with natural science laws. These are laws or principles upon which the economy should be build. This is the discipline which economists use when applying economics. Basis, a text book written by Alfred Marshall (1890 Principles of Economics) who was born in 1842 in Bermondsey, London, England, died 13 July 1924 in Cambridge, England) who was a great economist in his days for a long time and his book dominated England
Words: 649 - Pages: 3
Economic Principles Duane Sherry university of phoenix ECO 561 Karen Yancey September 16, 2013 Economic Principles This paper will apply the economic principles presented in weeks one through three. An economic analysis of a unit that projects what is on one’s laptop onto a television screen via wifi or blue tooth and allows the user to in effect use their television screen as their monitor will be proposed. Statements about market structure and the elasticity of demand for the product
Words: 1270 - Pages: 6
Dr. Zomorrodian | Assignment I | Principles of Economics | | Charles Fitch | 5/6/2011 | | I want to discuss and gives some examples and graphs on price discrimination strategies, price ceiling and what happens when the government regulates prices to give them a price ceiling to protect the consumer. I also want to discuss a perfect competitive market and the short and long term effects if demand rises or falls, also, why some long-run average curves are so steep. Lastly, I will
Words: 1683 - Pages: 7
attributed to people simply on the basis of their race and that some racial groups are superior to others. Racism and discrimination have been used as powerful weapons encouraging fear or hatred of others in times of conflict and war, and even during economic downturns. Racism is also a very touchy subject for some people, as issues concerning free speech and Article 19 of the Universal Declaration of Human Rights come into play. Some people argue that talking about supporting racial discrimination and
Words: 2644 - Pages: 11
