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BU204_10 _Finley_Joey_ Unit 7

BU204_10 _Finley_Joey_ Unit 7 - Running head ECONOMICS IN...

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Running head: ECONOMICS IN SOCIETY TODAY 1 Economics in Society Today Joey D. Finley Kaplan University Macroeconomics BU204 Fazlul Miah April 19, 2011
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Question: (Professor, answers to questions 2 and 3 are after the References for the essay) 1. Use the Kaplan electronic library and databases to research and compose a 5- paragraph essay (APA format) to identify a minimum of 3 economic concepts and/or theories from this course and how they relate to some current event (properly cite a minimum of three electronic references). (10 points) Economics in Society Today The condition in which the United States is becoming can be described as going downhill, in an economic crunch, or simply scary. There are many reasons or certain economic observations that can be used to exemplify why the United States is in such disarray. This paper will discuss three economic concepts that are affecting the current rise in gasoline prices in the United States recently in the year 2011. Tradeoffs and trade, supply and demand, and lastly fiscal policy are important issues that have been key factors in the recently increasing gasoline costs. Tradeoffs and trade is the basis of commerce. It is how the business of the world is done. “Global trade is approaching 50 percent of world GDP, and global GDP itself has risen by more than 40 percent between 2000 and 2008, according to the World Bank” (Marber, 2009, Chapter 2). Oil, which gasoline is made from, is viably the most important resource on the planet due to its numerous avenues of use that has helped in building the United States to the super power it once was. Oil’s initial processing was to make kerosene, petrol being a by-product, that change with the development of the petrol powered “horseless carriage” or car (Creemers, Creemers, & Creemers, 2010). Under a cap-and-trade program for carbon dioxide emissions, policymakers would set a limit on the total amount of CO 2 that could be emitted in a given period—the "cap"—and would issue rights, or allowances, corresponding to that level of emissions. Entities that were subject to the cap (such as coal mines, oil importers, refineries, or electric utilities, depending on the proposal) would be required to hold allowances for their CO 2 emissions.
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BU204_10 _Finley_Joey_ Unit 7 - Running head ECONOMICS IN...

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