& Staff Policies & Resources Help Marcus Shepherd D1: Economics Everywhere This

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& Staff Policies & Resources Help Marcus Shepherd D1: Economics Everywhere This discussion is taking place during Micro module 1. Please respond to one of the prompts below. Full credit here and in all other discussions: 2 substantive posts + 1 substantive reply to someone else's story, More earns extra credit. Less earns partial credit. 1. Economics is around us. Let's start noticing it. Your task is to look for applications of economic concepts learned in this course to real life situations and events. For example, you can share a news story related to incentives, sup market, competition, monopolies, profits and costs as we go along and learn about these topics. Micro topics also analysis of any choices made by individuals regarding spending money and time, and choices made ply-demand, a specific include your comment how your news item relates to our course, what economic concept t llustrates, and why it a by businesses. Explain in This discus economic growth and government policies. 2. Suggest an interesting insightful question based on your readings from the textbook or the study resources. Try own question. Offer others to share their opinion sion is around Micro topics. In Discussion B we will talk about Macro topics such as inflation, unemployment, to answer your JOHAN SWINNEN AND DEVIN BRISK Beeronomics THE WORLD THE ECONOMICS of A 145 PM

Explanation / Answer

Ans . This is a very interesting question. Let's Discuss

I'll be taking the issue of Record Hike in the Price of Wheat in USA . Recently , in the month of July Prices of Wheat in USA were a record time high. This was because demand of Wheat in USA increased a lot. Exports of Wheat has also increased tremendously.

Now , you have read about the news. Just think for a moment that which chapter in your book is related to this news ?

Yes , you're right. It's the chapter of Demand and Supply. Now , just make a Demand and Supply Curve in your mind and shift the demand curve Rigtward . What just happened ? Demand just increased in your Diagram. What are the implications of increase in Demand when Supply Remains Constant ? You're right again , Prices increase and Quantity also increase. That's what happened in case of wheat. Prices of wheat rose because of increase in its Demand. It attracted my attention because wheat is such an important commodity for consumers , so it's increase in prices are cause of great concern.

It's simple Micro Economics that you have read in your books.

You can take an example of Budget prepared by the government in case of Macro concept of Economics.

Ans 2 . I would propose the following question.

What role is played by chocolate industry in the World Economy?

If i were to answer this question , I would answer the following way :

Chocolate industry in the world has been tremendously on rise . This period is also being called as the Second Boom Period of Chocolate Industry. Specifically in Europe this industry has contributed alot.

Mars Wrigley Confectinaries alone had sales of around $18000 million in 2017 itself. This has contributed to the GDP of the Economies of countries alot. Countries Like France , Belgium , UK , USA earn a lot of revenue because of export of Chocolates and related items throughout the world. Moreover Demand for Chocolates have been rising day by day which has led to increase in the price of Cocoa .

I hope this answer is understandable , Do ask in case of doubts.

Best of luck ! Keep Chegging !

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