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In light of Adam Smith, Ricardo, and Say, please explain the classical political economy perspective on the operation of the market.
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- Identify and define the two branches of economics.What is economics about ?Micro VS Macroeconomics? Classify the following questions as Microeconomics or Macroeconomics and provide a justification for your choice. a) How will the market for melons be affected after Hurricane Dean? b) How much will the American economy grow this year? c) What are the factors which determine the choice that a person makes between buying a Honda Accord or a Toyota Corolla? d) What will the inflation rate be for Belize?
- Would the analysis of the spending of all U.S. consumers and firms on goods and services be a topic for microeconomics or macroeconomics? Why?Why is the law of demand and the law of supply a useful economic model?Explain briefly the following three principles of economics by Mankiew. 1- Rational people think at margin . 2- Society faces a short run trade of between inflation and unemployment. 3- Governments can sometimes improve market outcome
- The market economy does have the advantage of increased efficiency, productivity, and innovation. However, what are some of the disadvantages of a market economy?Explain economic modelsDo economists have any particular expertise at making normative arguments? In other words, they have expertise at making positive statements about some economic policy, for example, but do they have special expertise to judge whether or not the policy should be undertaken?