Course Outcomes Explain the impact consumer behavior and utility theory has on economic factors. Identify the characteristics of labor markets Understand international finance, exchange rates and balance of payments. Directions We have reviewed the various aspects of microeconomics. Microeconomics is best understood by its underlying structure of supply and demand and specifically how they interact with different markets. One of the most recognized and studied fields of microeconomics are labor fields or labor economics. Using the knowledge you gained from this course, along with at least two scholarly resources, please submit a Word document of at least 750-words addressing the following prompts: 1. Explain the impact that supply and demand have on pricing. Include how supply and demand is influenced by the labor market and the role of the labor union. Also, compare and contrast the impact different types of market structures have on supply and demand. 2. The comparative advantage developed by David Ricardo was discussed during this course. Use this theory to formulate answers the following questions. Use scholarly resources to justify your rationale: a. Compare and contrast absolute advantage and comparative advantage. b. Explain when we would see countries importing items from another country that is less efficient at producing that item. c. Do you agree that trade is beneficial to both countries? Explain. 3. Do you agree with the following statement? "An increase in price causes a decrease in demand". Explain why or why not