August 28, 2015
Econ 1 Assignment 2
How Costly can it be to society and a country if a firm refuses to specialize and exchange? It can be very
costly because the gains from specialization and trade rare not based on absolute ad
What does it mean to begin to think like an economic naturalist?
To begin to think like an economic naturalist means applying principles of economics in making
daily life decisions.
Now that you are becoming an economic naturalist from this
1-Why do economists use market values when calculating GDP? Why give more value to higher value
items over lower value items?
Economists use market values when calculating GDP, because if they used quantity terms, they
would have multiple un
Why do some people oppose World Trade and argue both sides. What do economists prefer?
If free trade opens up a market to imports, then consumers benefit from the low-priced imports
more than producers are hurt by them. If free trade opens u
PEAC 30 Weekly Activity Log
Please type your activity session information in the Day 1 through Day 5 columns below.
Attach the completed document to an email to firstname.lastname@example.org with subject PEAC 30 Activity Log Week # (where # is the wee
Nearly 90 percent of the country's population lives within 15 miles of a Wal-Mart, and two-thirds
of all retail stores are located within five miles of a Wal-Mart.
Wal-Mart's low prices are hard to dispute, and the biggest benefactors are low
What's the difference between change in quantity demanded and change in demand?
A change in quantity demanded represents a movement along the current demand curve, while
a change in demand represents a shift in the entire demand curve.
Explain why changes in the cost of living for any particular individual
or family may differ from changes in the official cost of living index, the
I think that the changes in the cost of living for any particular individual or
family may differ fro