ICYMI #3
Link for eText: https://portal.mypearson.com/login
Some of you may have taken the Pew Political Typology Quiz before, so you didn’t miss this one.
But even if you did, try again. There are a few new metrics.
This week’s reading is about Pubic Finance- how federal, state, and local governments spend taxpayer contributions.
The debate between the two major political parties, Republicans (conservatives) and Democrats (liberals) is over the proper role of government in a market economy.
Take the quiz (23 quick questions) to see the difference in the beliefs between the 2 parties and how you match-up. (You do not have to report your results).
In no more than 50 words, explain what YOU think the proper role of government (in a market economy) should be. What evidence exists that supports government intervention? (5 points)
Reply to a classmate with whom you respectfully disagree and state a reason why you disagree. (5 points)
Refer to Chapter 5, pp. 107-116 for the political and economic functions of government.
Here are some Students Posts. You only need to respond to one of them.
1. While I cannot speak for others, I feel that the government should have limited intervention. The government contributes positively with the upholding of national security regulations and property rights protection. I do, however, feel that the government should allow for citizens to have more authority over matters that impact them.
2. The proper role of government in the market economy is little to none. Certain regulation needs to be in place to ensure one group doesn’t gain control (monopolies) with itself only benefitting, but other than that Government interference in the market only creates a maze of red tape that is near impossible for any ordinary person to navigate.
3. While there have been many times government intervention has proved beneficial (regulation of harmful materials, providing subsidies, etc.), in market economies governments should maintain limited intervention. It helps for the government to provide basic needs, such as road maintenance, but if government played too much of a hand in the economy, the natural pulls of supply and demand would be prohibited.
Assignment #3
Answer the following and attach in a word document.
Point values are in parentheses.
ELASTICITY
1. Research the price elasticity of demand for the good or service most related to your case study topic. And answer the following:
(5) a. What is the good or service and its elasticity coefficient? If you are not able to find this number, take an educated guess. Explain the meaning of his number.
(5) b. What is the main factor affecting the price elasticity of demand for your case study good or service? Explain.
CONSUMER CHOICE
2. Think of a recent purchase you made or are about to make.
(10) Use the following 5 terms in proper context in a paragraph of no more than 150 words to explain your purchasing decision: the law of diminishing marginal utility, income effect, indifference, marginal rate of substitution, consumer optimum.
Underline or highlight each of the terms in your paragraph.
Open Discussion #3
Find an advertisement, logo, or slogan for your case study company. Cut and paste the image to your post. Alternatively, you can take a picture of an ad or window display or billboard with your phone or digital camera and upload to your post.
What feeling in the culture is your case study company using to appeal to its customer? Explain the need and the target market.
For background on Cool Hunting, watch The Merchants of Cool
Current Event #3
Find a news article (current event) that clearly distinguishes the difference between Republicans and Democrats on any ONE of the following issues: business regulation, agricultural subsidies, unions; income inequality and poverty.
Go to Course Materials>Web-links>Political News for a diverse list of news sources.
(NOTE: An information site about the differences between the two parties is useful- see http://www.diffen.com/difference/Democrat_vs_Republican but is NOT an acceptable source for this assignment).
In the Subject line state the issue, e.g. Healthcare
In the text box:
1. include the link to the current event you selected.
2. two lines from the article that clearly state the difference between the two parties on the issue you selected.
NO DUPLICATE CURRENT EVENTS ACCEPTED, so check the posts before you.
Example of another student.
1. The coming GOP assault on regulations
2. Republicans in Congress have embarked on a less prominent but potentially more lasting effort to make it much harder for federal agencies to create new regulations in the future.
[Scott Faber] has argued to wavering Democrats that while the next president can easily reverse Trump’s executive order calling for the elimination of two old rules for every new rule, as well as his efforts to kill specific regulations and defang regulatory agencies, an actual piece of legislation that enshrines procedural changes could linger for generations, strangling the regulations of the future in their cradles.
ICYMI #3
(I Will Send the eText for this assignment today, please proceed to the next assignments.)
Some of you may have taken the Pew Political Typology Quiz before, so you didn’t miss this one.
But even if you did, try again. There are a few new metrics.
This week’s reading is about Pubic Finance- how federal, state, and local governments spend taxpayer contributions.
The debate between the two major political parties, Republicans (conservatives) and Democrats (liberals) is over the proper role of government in a market economy.
Take the quiz (23 quick questions) to see the difference in the beliefs between the 2 parties and how you match-up. (You do not have to report your results).
In no more than 50 words, explain what YOU think the proper role of government (in a market economy) should be. What evidence exists that supports government intervention? (5 points)
Reply to a classmate with whom you respectfully disagree and state a reason why you disagree. (5 points)
Refer to Chapter 5, pp. 107-116 for the political and economic functions of government.
Here are some Students Posts. You only need to respond to one of them.
1. While I cannot speak for others, I feel that the government should have limited intervention. The government contributes positively with the upholding of national security regulations and property rights protection. I do, however, feel that the government should allow for citizens to have more authority over matters that impact them.
2. The proper role of government in the market economy is little to none. Certain regulation needs to be in place to ensure one group doesn’t gain control (monopolies) with itself only benefitting, but other than that Government interference in the market only creates a maze of red tape that is near impossible for any ordinary person to navigate.
3. While there have been many times government intervention has proved beneficial (regulation of harmful materials, providing subsidies, etc.), in market economies governments should maintain limited intervention. It helps for the government to provide basic needs, such as road maintenance, but if government played too much of a hand in the economy, the natural pulls of supply and demand would be prohibited.
Assignment #3
Answer the following and attach in a word document.
Point values are in parentheses.
ELASTICITY
1. Research the price elasticity of demand for the good or service most related to your case study topic. And answer the following:
(5) a. What is the good or service and its elasticity coefficient? If you are not able to find this number, take an educated guess. Explain the meaning of his number.
(5) b. What is the main factor affecting the price elasticity of demand for your case study good or service? Explain.
CONSUMER CHOICE
2. Think of a recent purchase you made or are about to make.
(10) Use the following 5 terms in proper context in a paragraph of no more than 150 words to explain your purchasing decision: the law of diminishing marginal utility, income effect, indifference, marginal rate of substitution, consumer optimum.
Underline or highlight each of the terms in your paragraph.
Open Discussion #3
Find an advertisement, logo, or slogan for your case study company. Cut and paste the image to your post. Alternatively, you can take a picture of an ad or window display or billboard with your phone or digital camera and upload to your post.
What feeling in the culture is your case study company using to appeal to its customer? Explain the need and the target market.
For background on Cool Hunting, watch The Merchants of Cool
Current Event #3
Find a news article (current event) that clearly distinguishes the difference between Republicans and Democrats on any ONE of the following issues: business regulation, agricultural subsidies, unions; income inequality and poverty.
Go to Course Materials>Web-links>Political News for a diverse list of news sources.
(NOTE: An information site about the differences between the two parties is useful- see http://www.diffen.com/difference/Democrat_vs_Republican but is NOT an acceptable source for this assignment).
In the Subject line state the issue, e.g. Healthcare
In the text box:
1. include the link to the current event you selected.
2. two lines from the article that clearly state the difference between the two parties on the issue you selected.
NO DUPLICATE CURRENT EVENTS ACCEPTED, so check the posts before you.
Example of another student.
1. The coming GOP assault on regulations
2. Republicans in Congress have embarked on a less prominent but potentially more lasting effort to make it much harder for federal agencies to create new regulations in the future.
[Scott Faber] has argued to wavering Democrats that while the next president can easily reverse Trump’s executive order calling for the elimination of two old rules for every new rule, as well as his efforts to kill specific regulations and defang regulatory agencies, an actual piece of legislation that enshrines procedural changes could linger for generations, strangling the regulations of the future in their cradles.
