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Short answers - Assignment Example

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In economics a model is a theoretical construct that represents economic processes by a set of variables and a set of logical and/ or quantitative relationships between them. The economic model is a simplified framework designed to illustrate complex processes, often but not…
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Short answers

Download file to see previous pages... g reasoned arguments to politically justify economic policy at the national level to explain and influence company strategy at the level of the firm, or to provide intelligent advice for household economic decisions at the level of household.
Opportunity cost is about the value of forgone production and these increases as the quantity of a good produced increase. The rationale here is that the law of increasing opportunity cost is fundamental to the production and supply of goods. In general, as the economy increases the quantity supplied of a good the opportunity cost increases. And if cost is higher, then sellers need a higher price, resulting in the law of supply.
Q4a.When the population becomes more educated with time as the number of high school drop outs falls and the number of college graduates rises, generally it will affect positively the country’s production. This no doubt brings about the development of a key and the principal factor of production which is the human resource.
Q4b. When the unemployment rate declines by 8 to 6 percent of the labour force this means that the income and demand levels of the labour force will increase by 2% assuming that other things remain constant. This effectively means that production will increase to cater for this new demand.
Q4c. Businesses and government are unable to solve a major computer problem, thus reducing economic efficiency and national output. What this means is that technical efficiencies will go down the drain adversely affecting production levels. In this scenario we expect mega decrease in production hence economic decline.
Q4d. Advances in telecommunications and new technology significantly contribute to economic growth over time. This will boost technical, communication and service efficiencies and thus indeed motivate companies to increase their production to impressive levels. In the final analysis, it will spur economic growth leading to a major boom.
Q4e. The Federal government decides to ...Download file to see next pagesRead More
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