Social fluidity is all about transformation that results from social actions and reactions in response and adaptation to the imposed forces and circumstances confronting a society. Mention an example of of fluidity
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Social fluidity is all about transformation that results from social actions and reactions in response and adaptation to the imposed forces and circumstances confronting a society.
Mention an example of of fluidity
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- Name one economic interaction that isn’t covered by the simplified circular-flow diagram.Determine whether each topic in the following table would more likely be studied in microeconomics or macroeconomics.Tim Geithner, a former U. S. Treasury Secretary, has said, "The recession that began in late 2007 was extraordinary severe. But the actions we took at its height to stimulate the economy helped arrest the free fall, preventing an even deeper collapse and putting the economy on the road to recovery." Which two of the three principles of economy-wide interaction are at work in this statement?
- Introduction to the Production Possibilities Curve (PPC) As you know, the basic economic problem is scarcity. Since we do not have enough scarce resources to satisfy everyone's needs and wants, we all have to make choices. We must choose how to spend our time, our energy, our money, and our material possessions, and for every choice that is made, a cost is suffered. The relationship between choice and cost can be shown in a graph called a production possibilities curve, or PPC. For example, consider a student who has 4 hours of free time in the evening. He or she can choose to spend some, all, or none of those 4 hours studying for a test the following day. He or she could also use the time to catch up on sleep. These choices can be graphed: Choice A - spend all 4 hours studying Choice B- spend 2 hours studying, and 2 hours getting extra sleep Choice C- spend all 4 hours sleeping Of course, other combinations of the 4 hours exist. The student could study for 3.5 hours, and get an extra…Consider the following dialogue between two economics students, Yvette and Bob, after a recent economics lecture. YVETTE: Hi Bob. Today the professor said that the market decides how much of each good or service to produce. I don’t understand what that means. Nobody decides how many goods to produce. I’m so confused! BOB: Okay, I see where you are confused. Let’s run through it one more time. You are correct that in a market system, no one person decides what quantities of goods to produce in the economy, though that may be the case in other types of economic systems. In a market economy, output levels are determined by individual producers and consumers buying and selling goods. Suppose that in the market for smart phones, more smart phones were produced than consumers wanted to buy. In other words, smart phone producers have surplus smart phones that they cannot sell. ______ (options: Producers, Consumers) will _____ (options: lower, raise) the price of each smart phone…Please read the following applications and then apply Microeconomics Principles to explain each topic. If you can please also, add charts and graphs to broaden the explanation as well as add articles and references. Please list all references and citations if you use any. Application 1: Scarcity/Incentives Incentives to Buy Hybrid Vehicles As stated in the text, "rational people respond to incentives." I find this to be a very true statement. When the tradeoff or benefit from something else changes, people tend to change their behavior to get that certain benefit. The Number of hybrid cars that has been increased from 10,000 cars in 2000 to more than 340,000 in 2007, can be explained by this application. Increase in gas prices along with federal subsidy encouraged people to buy more hybrid cars by reducing cost of driving and cost of hybrid cars. As, Subsidy was the main reason behind 1/5 the sale of 2007, which is estimated so far. Incentives refer to something that induces a person…
- What is the difference between macroeconomics and microeconomics?How Bergson-Samuelson Social Welfare Function used in a model that considers a society's desire for both Pareto optimality and fairness, Mention all necessary assumptions and specify the conditions that ensure a general equilibrium and social welfare
