Discuss how your college education could be considered an investment in human capital. What is the opportunity cost of your degree? Economics is the study of how society chooses to allocate its scarce productive resources (labor, capital, land, entrepreneurial talent). In a mixed economy, elements of both central planning and market allocation of resources are used in allocating productive resources. The United States economy is a mixed economy, with a bias towards market allocation of resources. This means most resources are allocated in the private sector by way of markets. Discuss whether you favor a larger or smaller role of government in the economy. Refer to concepts found in the reading to support your opinion. Imagine a scenario where there is a decline in aggregate demand. Identify which part of the business cycle is part of a decline in aggregate demand. Gross Domestic Product (GDP) measures the amount of new production. A change in the amount of new production affects employment. Describe what would happen to GDP, the unemployment rate and the inflation rate if there is a decline in aggregate demand. Reference: Chapter 6, section 6.3: Aggregate Equilibrium and Changes in Equilibrium.

Inflation is an important policy issue because it causes a redistribution of income and wealth, and discourages saving and investment. Discuss how inflation affects borrowers and lenders, asset prices, and households on fixed incomes. Reference: Chapter 4, section 4.3: Gainers and Losers from Inflation. Guided Response: Review and respond to at least two of your classmates’ posts by sharing any ideas you may have about how households and businesses can protect themselves against inflation. Be sure to refer to concepts found in the reading when responding to your classmates. The rapid growth of the national debt alarmed some politicians and created pressure for restricting Congress’s unlimited ability to spend. Include some authoritative sources on the current debate between the White House and Congress on what measures are necessary to address spending and revenues, i.e. news reports, official statements, press conferences, as well as numerous government websites. Ashford University Online Library (follow the Library link within the left-handed tool bar).

Must be 2 to 3 double-spaced pages in length and formatted according to APA style as outlined in your approved style guide. Must include an introductory paragraph with a succinct thesis statement. Must address the topic of the paper with critical thought. Must conclude with a restatement of the thesis and a conclusion paragraph. Must use at least three references, including the textbook. One reference must come from the Ashford Library. Must use APA style as outlined in your approved style guide to document all sources. Must include, on the final page, a Reference List that is completed according to APA style as outlined in your approved style guide. Between 2007 and 2009 the U.S. In an effort to stimulate the economy, the federal government passed a stimulus package. Explain the federal government’s use of fiscal policy (the stimulus) to promote growth and employment. Support your ideas with concepts found in the assigned reading. • Discuss some actions taken by the federal government and whether the recession would have been longer and the unemployment rate higher if the government had not acted by passing the stimulus package?

• If left alone, do you believe the economy would have corrected itself as suggested by Classical economic theory? • Discuss the effect these policies had on increasing the size of the budget deficits and the national debt. Reference: Chapter 9, section 9.4: More Recent Tax Changes, and Chapter 10, section 10.2: Early 1990s and 2000s Recessions. Guided Response: Review the discussion board posts of your classmates. Respond to at least two of your classmates by agreeing or disagreeing with their posts. In your post, differentiate the budget deficit from the national debt. How do you think the increases in the budget deficits and the national debt will affect the economy in the future? Reference: Chapter 10, section 10.1: Debt and Deficits, and section 10.4: Do Deficits Matter? Guided Response: Review the discussion board posts of your classmates. Respond to at least two of your classmates with questions that allow them to extend their thinking. Support your ideas with concepts found in the assigned reading. From 2007-2010, the Federal Reserve Bank (the Fed) used many practices that had never before been seen from the central bank of the United States.

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