Applying Economic Principles
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This activity will enable you to:
- Describe the importance of economic analysis in real-world situations
Thinking about situations and scenarios in the real world from an economic perspective can lead to somewhat different conclusions than if you were to think about these situations from an individual or social perspective. This course in microeconomics has introduced you to some principles that economists use to analyze what happens in the real world.
Refer to newspapers or the Internet and collect information about a recent situation of unrest, such as a war or a terrorist attack. Then, considering all that you have learned about the behavior of producers, consumers, and markets, post a response to the following:
- How might such unrest impact the individual demand and supply of goods and resources in the affected country? What happens to market equilibrium, equilibrium prices and quantities; and wages and quantities of resources? Would all products be affected in the same way, or would there be some exceptions?
- How would international trade be affected?