Question
Task: Answers the following questions. Use the contemporary economic issue within your country or the world that you selected earlier in the course to inform
Task: Answers the following questions. Use the contemporary economic issue within your country or the world that you selected earlier in the course to inform your answers.
What is the economic issue?
Why is it important?
Which principles of economics apply?
Choose from each of the areas: decision making, interaction, and how the economy works.
How do the forces of supply impact the issue?
How do the forces of demand impact the issue?
How does elasticity apply to the issue?
If appropriate, include a calculation for elasticity. Use graphical representations of economic concepts such as supply and demand curves, equilibrium, elasticity, and cost curves to support your findings.
Determine the theories of economics that apply (for example, theory of consumer choice, theory of the firm)? Compare the issues faced in the economic issue chosen and how it relates to the economic topics discussed in the textbook and class. For example, do any of these concepts apply to the issue:
efficiency of markets, costs of taxation, benefits of international trade, government interventions, and competitive markets, features of labor markets, macroeconomics data, monetary system, and economic fluctuations?
Recommend strategies that could improve the situation.
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The Economy and Economic Issue in Panama Since the past few decades Panama has recorded one of the leading developing economies in Latin American Between 2001 and 2013 the recorded annual growth rate ...Get Instant Access to Expert-Tailored Solutions
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