Lasa 2: supply and demand in a global market-assignment 1

Answer the following questions using examples and applications from the readings.  Justify your answers using economic concepts and ideas as they apply. Each response should be between 100-200 words.

Questions:

1.     The demand for labor is said to be a “derived” demand.  What is the meaning of a derived demand? How does this concept help to determine the demand for labor?

2.     What are some of the factors that determine the supply of labor in a market? What significant factors have changed the supply of labor over the last twenty years?

3.      How does a firm determine its prices and the quantity of labor required in the resource market during a specific period? 

4.      Why do income inequalities exist?  How are income inequalities measured? How have income inequalities changed from 1980 to the present?

5.     What is the role of the U.S. government, in terms of dealing with the problem of income inequalities?  What are the arguments, for and against, government involvement in this area?

6.     Why do nations trade?  What is meant by the concept of “Comparative Advantage”?  Could a nation be better off economically, if it practiced an isolation policy?

7.     The United States has had a significant trade imbalance for several years.  What are the problems associated with having a negative trade balance?  What can be done to correct the imbalance?

8.     How are exchange rates determined?  What is the significance of currency devaluations to the home country?  To other countries?

By Saturday, September 28, 2013, create a Microsoft Word document to collate your answers and submit it to the M5: Assignment 1Dropbox. All written assignments and responses should follow APA rules for attributing sources.

Assignment 1 Grading Criteria

Maximum Points

Explained the meaning of a derived demand.  (8 points)

Explained how the concept of derived demand helps to determine the demand for labor. (24 points)

32

Identified factors that determine the supply of labor in a market.  (12 points)

Researched and explained which significant factors have changed the supply of labor over the last twenty years. (20 points)

32

Explained how a firm determines its prices in the resource market during a specific period. (16 points)

Explained how a firm determines the quantity of labor required in the resource market during a specific period. (16 points)

32

Explained why income inequalities exist. (8 points)

Explained how income inequalities are measured. (8 points)

Researched and described how income inequalities have changed from 1980 to the present.(16 points)

32

Explained the role of the U.S. government in terms of dealing with the problems of income inequalities. (8 points)

Discussed the arguments for and against government involvement in dealing with problems of income inequalities. (24 points)

32

Explained the reasons why nations trade. (4 points)

Explained the meaning of the concept of “comparative advantage.” (8 points)

Discussed whether or not a nation would be better off economically if it practiced an isolation policy. (20 points)

32

Identified the problems associated with the United States having a significant trade imbalance for several years. (16 points)

Explained what could be done to correct the trade imbalance. (16 points)

32

Explained how exchange rates are determined. (8 points)

Explained the significance of currency devaluations to the home country.

(12 points)

Explained the significance of currency devaluations to other countries trading with the home country. (12 points)

32

Standard presentation components (15%)

Style (8 points): Tone, audience, and word choice

Usage and Mechanics (16 points): Grammar, spelling, and sentence structure

APA Elements (20 points): In text citations and references, paraphrasing, and appropriate use of quotations and other elements of style

44

Total:

 

 

Get 20% Discount on This Paper
Pages (550 words)
Approximate price: -

Try it now!

Get 20% Discount on This Paper

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

Australia Assessments has gained an international reputation of being the leading website in custom assignment writing services. Once you give us the instructions of your paper through the order form, we will complete the rest.

Essays

Essay Writing Services

As we work towards providing the best custom assignment services, our company provides assignment services for any type of academic essay. We will help you develop professionally written essays that are rich in content and free from plagiarism.

Admissions

Admission and Business Papers

Our skilled team of professional writers will ensure that we help you craft a remarkable admission essay for your desired Master's program in your institution of choice. We won't stop there. Once you enter the job market, we will be available to secure you a position at your desired worksite by creating an outstanding portfolio or resume.

Editing

Editing and Proofreading

Our editorial team is always available for all editing and proofreading services. They check completed papers by our writers and also provide professional opinions to papers completed by our clients.

Coursework

Technical papers

We harbor professional academic writers with different qualifications in diverse academic fields. As such, we are capable of handling both simple and technical papers. Ensure that you provide us with correct and complete instructions in the order form.