Business Cycle

Question 1

Answer Each Question…..

WK 3 – Discussion Topic 1

Explain basic economics.

WK 3- Discussion Topic 2

Explain what capitalism is and how free markets work.

WK 3 – Discussion Topic 3

Compare socialism and communism

WK 3 – Discussion Topic 4

Analyze the trend toward mixed economies

WK 3 – Discussion Topic 5

Describe the economic system of the United States, including the significance of key economic indicators (especially GDP), productivity, and the business cycle.

WK 3 – Discussion Topic 6

Contrast fiscal policy and monetary policy, and explain how each affects the economy.

Question 2

outline how the compensating wage differential model can be applied to estimate the value of a statistical life,

discuss the major challenges which economist when attempting to estimate this value.