explain the basic model of any economic system as well as the basic capitalist system

Directions

In each unit students relate course materials and instructor notes to module material.  Students are required to make one main post (three to four paragraphs) that addresses the specific discussion by Thursday at 11:59 p.m. CT, and two peer review posts (responses to his or her classmates’ posts that are two to three paragraphs each) by 11:59 p.m. Sunday CT. All posts must utilize and cite material from the unit’s course information/readings, including complete internal citations and a reference list. Each post is worth 8 points, for a total of 24 points for the discussion.

What are substantive postings? Substantive postings include:

  • Responding to discussion questions as well as discourse between students related to subject matter within the course.  This includes posting responses to others’ answers within a Discussion Area.  A response may express agreement with or challenge to the point of view expressed, supported by references (citations) to the text or lecture.
  • Contributing to the discussion based upon course content, theory, or personal experiences, not simply personal opinions.

Post

Select only one discussion question to answer below. If the question has already been selected, select a question not yet answered.

D1. Explain the opportunity cost principle. Use the production possibilities curve in explanation. Give some examples of opportunity costs in public administration or public policy.

D2. Explain how GDP is measured. Who measures it? What does it represent, what are its strengths and limitations? In what important way does it differ from real GDP?

D3. Explain what marginal social benefits and marginal social costs mean? Give some examples. What is cost-benefit analysis? Give some examples of the use of CBA in public policy or public administration.

D4. Use the production possibilities curve to explain the distinction between general and specific economic growth.

D5. Using the instructor notes, explain the basic model of any economic system as well as the basic capitalist system. Use examples to aid in your explanation.

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