What are the characteristics that differentiate between private and public goods?

Understanding economics is an important part of the decision-making process in operating a business. What role does microeconomics play in business decisions as compared to macroeconomics? Provide at least one real-life example each to demonstrate how microeconomics and macroeconomics may impact the decision-making process of a business.
DQ 2
Explain how the market operates as an allocation system for determining who gets goods and services and who does not. Compare the market system with other possible allocation systems such as a central decision maker; first-come, first-serve; or a lottery system. What are the strengths and weaknesses inherent in the market?
MOD 2 DQ 1
The Circular Flow Model provides a snapshot of our economy. Describe how households and businesses slowed down the circular flows of money, goods, and services during the recent economic slump.
DQ 2What are the characteristics that differentiate between private and public goods? How does the absence of mutual exclusion result in a free rider problem? What is the role of government in preventing market failures that result from too few resources being devoted to production goods and services that are essential to the public?
MOD 3 DQ 1How would you characterize your demand for health insurance — elastic or inelastic? Does the price elasticity of health insurance vary with age, ethnicity, gender, etc.? Does it vary depending on the type of medical procedure needed? If a doctor faces an elastic demand, should he/she raise or reduce the treatment fee to boost his/her revenue?MOD 3 DQ 2
Explain what the quote, “Too many cooks spoil the pot” has to do with the law of diminishing marginal returns. In the context of a restaurant operation, what are the variable and fixed costs?
MOD 4 DQ 1
Explain how the profit maximization rule applies in each of the four market structures. Using the framework outlined in Table 3 on page 563 of the textbook, determine what market structure your firm (or a firm you have worked for in the past) operates within? Explain your reasoning. How does market structure impact management decision making in the firm?
MOD 4 DQ 2
In “The Social Responsibility of Business Is to Increase its Profits,” what economic idea is the author alluding to by stating that the social responsibility of business is to increase profits? Explain. What does Friedman mean when he equates social responsibility to “taxation without representation?” Friedman states that the principle underlying the market mechanism is “unanimity.” Provide examples of this “unanimity” in the market mechanism.MOD 5 DQ 1
Define “derived demand” in the context of the circular flow model. Is the demand for all goods and services derived demand?
MOD 5 DQ 2Are stocks and bonds substitutes, compliments, or both? If the cross-price elasticity is negative 1.2 (-1.2), what do you expect to happen to quantity demanded for bonds and bond prices if the stock price is expected to increase by 11%?
MOD 6 DQ 2
Based on “Grossly Distorted Picture,” how useful do you think GDP is as an economic indicator? What are its limitations as an economic measurement? How is the Human Development Index (HDI) a better barometer of economic well-being? What are its advantages and disadvantages?
MOD 6 DQ 2Why do more countries not choose to adopt a single currency like those who have chosen to adopt the euro? What would be the advantages and disadvantages of adopting a single global currency?
MOD 7 DQ 1If the policy interest rate is near zero, what less conventional monetary policy tools might a central bank use to stimulate the economy? How do these tools work? In what way is central banking in the euro-zone area different from or similar to the Federal Reserve System?MOD 7 DQ 2
What is the primary goal of monetary policy and what are the three primary tools available to the Federal Reserve to meet this goal? What is the effect of lowering the reserve requirement on the money supply through the deposit expansion multiplier?
MOD 8 DQ 1
If countries can benefit by increasing their consumption possibilities through trade, why do so many countries place restrictions on trade?MOD 8 DQ 2
How do fixed and floating exchange rates differ in their adjustments to shifts in the supply and demand for currencies? What are the advantages and disadvantages of fixed versus floating exchange rates?
MOD 1
Details:Complete chapter 2, exercises 6-7 in the textbook.
Complete chapter 3, exercises 3- 5 in the textbook.
Complete chapter 8, exercise 15 in the textbook.a
If a problem instructs you to “illustrate,” please use a graph to explain the results.
Place each problem into a separate tab or sheet in an Excel file.
You are not required to submit this assignment to Turnitin, unless otherwise directed by your instructor. If so directed, refer to the Student Success Center for directions. Only Word documents can be submitted to Turnitin.
MOD 3
Details:Complete chapter 19, exercises 1-4 in the textbook.Complete chapter 20, exercises 8, 9, and 13 in the textbook.
Complete chapter 21, exercises 1-4 and 11 in the textbook.
If a problem instructs you to “illustrate,” please use a graph to explain the results.
Place each problem into a separate tab or sheet in an Excel file.
MOD 4
Details:Complete chapter 19, exercises 1-4 in the textbook.Complete chapter 20, exercises 8, 9, and 13 in the textbook.
Complete chapter 21, exercises 1-4 and 11 in the textbook.
If a problem instructs you to “illustrate,” please use a graph to explain the results.
Place each problem into a separate tab or sheet in an Excel file.
Details:This is a CLC assignment.Your CLC group will prepare a PowerPoint presentation of 12-16 slides (including a title slide and a list of references slide) with talking points for each slide that specifically address the following:
Background information about the case study, why the forces of supply and demand did not result in efficient operations, and the market structure involved in the case.Explain how the government intervened and what their rationale was.Examine the regulatory issues affecting the efficient operation of the market or industry.Analyze the costs incurred in the Amarket failure, who bears the costs, and whether the costs are equitably distributed.Discuss whether privatization of government services to correct the market failure or a public takeover in the case of a currently private industry might increase the output or efficiency, or reduce negative externalities.Develop a policy recommendation involving potential new regulations or regulatory changes that could positively impact the issue.Evaluate the political ramifications and/or potential externalities that could result from the proposed change in regulation(s).While APA format is not required for the body of this assignment, solid academic writing is expected and in-text citations and references should be presented using APA documentation guidelines, which can be found in the APA Style Guide, located in the Student Success Center.
Review “Grading Checklist for CLC Market Failure Case Study PowerPoint.”
You are not required to submit this assignment to Turnitin, unless otherwise directed by your instructor. If so directed, refer to the Student Success Center for directions. Only Word documents can be submitted to Turnitin.

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