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Economics: Supply and Demand in a Global Market

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Assignment 1: LASA 2: Supply and Demand in a Global
Market
Answer the following questions using examples and applications from the readings.  Justify your
answers using economic concepts and ideas as they apply. Each response should be between
100-200 words.
Questions:
1. The demand for labor is said to be a “derived” demand.  What is the meaning of a
derived demand? How does this concept help to determine the demand for labor?
2. What are some of the factors that determine the supply of labor in a market? What
significant factors have changed the supply of labor over the last twenty years?
3.  How does a firm determine its prices and the quantity of labor required in the
resource market during a specific period?
4.  Why do income inequalities exist?  How are income inequalities measured? How
have income inequalities changed from 1980 to the present?
5. What is the role of the U.S. government, in terms of dealing with the problem of
income inequalities?  What are the arguments, for and against, government
involvement in this area?
6. Why do nations trade?  What is meant by the concept of “Comparative
Advantage”?  Could a nation be better off economically, if it practiced an
isolation policy?
7. The United States has had a significant trade imbalance for several years.  What
are the problems associated with having a negative trade balance?  What can be
done to correct the imbalance?
8. How are exchange rates determined?  What is the significance of currency
devaluations to the home country?  To other countries?
Collate your answers in an MS Word document and save it using the filename
LastnameFirstInitial_M53A1. Submit it to the Submissions Area by the due date assigned.
Remember, quotations, paraphrases, and ideas you get from books, articles, or other sources of
information should be cited using APA style. Help with citing sources can be found through the
Academic Resources page under the Help menu .
Standard presentation components (15%) Style (8 points): Tone, audience, and word
choiceUsage and Mechanics (16 points): Grammar, spelling, and sentence structure APA
Elements (20 points): In text citations and references, paraphrasing, and appropriate use of
quotations and other elements of style44

 
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