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Question: How does an entrepreneur decide whether to supply a good? Will entrepreneurs continue to supply a good or service if consumers are unwilling to pay a price........

15 Feb 2024,10:26 PM

 

QUESTION 1

How does an entrepreneur decide whether to supply a good? Will entrepreneurs continue to supply a good or service if consumers are unwilling to pay a price sufficient to cover the per-unit cost? You MUST reference a page in the the Common Sense Economics book, ebook, or PowerPoint.  

 

QUESTION 2

How will a consumer decide whether to purchase a good?  When a consumer purchases a good, what does this reveal?  You MUST reference a page in the the Common Sense Economics book, ebook, or PowerPoint.  

 

QUESTION 3

Incentives matter. Explain why businesses and entrepreneurs are more likely to voluntarily undertake the projects that consumers value highly relative to price and less likely to undertake the government-sponsored projects in which the per-unit cost of production is above the price consumers willingly pay. You MUST reference a page in the the Common Sense Economics book, ebook, or PowerPoint. 

 

QUESTION 4

What is a "middleman?"  Provide one example not mentioned in the text. Do middlemen perform valuable services? Why or why not?  You MUST reference a page in the the Common Sense Economics book, ebook, or PowerPoint.  

 

QUESTION 5

Why do people engage in trade? If one trading partner gains must the others involved in the transaction lose an equal amount? Why or why not?  You MUST reference a page in the the Common Sense Economics book, ebook, or PowerPoint.

 

 

 

Watch the Module 02 Common Sense Economics Slice of Life video (new window) (6:25)

 

Using the corresponding slides 21-48 in Part 1: The Twelve Key Elements of Economics, take notes while you:

a. Read about Elements 1.4, 1.5, and 1.6 in your Common Sense Economics textbook.

 

b. Watch the following four short and entertaining video clips:

i. CSE 1.4 Stossel 2011- Economics of voluntary exchange (new window) (2:18)

ii. CSE 1.4 Learn Liberty- Specialization and Trade (new window) (2:58)


iii. CSE 1.5 History Channel Pawn Shop- Bartering (new window)  (2:52)


iv. CSE 1.6 Friedman- I pencil and price system (new window)  (7:17)

c. Listen to and/or read these two short items:

i. CSE 1.4 Specialization And Wealth by Dwight Lee (new window) (audio 9:07)


ii. CSE 1.6 Sacrificing Lives for Profits by Dwight Lee (new window) (audio 8:32) 

 

 

Textbook: James D. Gwartney, Richard L. Stroup, Dwight R. Lee, Tawni H. Ferrarini, and Joseph P. Calhoun. Common Sense Economics: What Everyone Should Know about Wealth and Prosperity – Third Edition . New York: St. Martin’s Press, 2016. 

The ISBN  numbers for the third (2016) edition of Common Sense Economics: What Everyone Should Know About Wealth and Prosperity by Gwartney et.al. are:

Hardback-- 9781250106940

​E-book-- 9781250106957​

  • Supplementary readings are posted in your course management system. You may also want to visitthe Common Sense Economics website (new window)  http://commonsenseeconomics.com/ for other readings, practice quizzes, podcasts, and links to external content helpful in studying economics.
  • Videos are posted at on the Critical Commons Website (new window) http://www.criticalcommons.org/. Search by title name. Videos are captioned.

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