Real World Applications

***Replies only need to be 150-200 words. No need for references or formatting**

1. What is your understanding of factor markets? Please give real world examples of each factor of production presented.

2. Explain how the labor-demand and the labor-supply curves shift? How do we achieve an equilibrium in the labor market?

3. Under current conditions, our policymakers have proposed requiring firms to give workers benefits. One of them is the minimum wage which in some parts of my state the minimum wage level had been approved at $15 per hour. Would this cause a shift in labor-supply or labor-demand curve? Would this raise or decrease the impact of the law on wages and employment?

4.Explain some of the factors that determine the level of individual income in your place of work or firm you’re familiar with. What is the relationship between productivity and the wages earned by an employee in that firm? Support your answer with a theory and any information taken from a source.

5. Entrepreneurship is a labor involving a high degree of organizational skills and creativity. If given the chance to be an entrepreneur what business activity you think you will excel. Please be clear and specific.

6. In reference to Income Inequality and Poverty, how do you define “poor”? What is the Lorenz curve and its significance to this definition?

7. Discuss economic life cycles. Where do you fit in a life cycle? Please show some real world applications.

8. Please give some real world applications to the following concepts:

A. Libertarianism

B. Liberalism

C. Utilitarianism

D. Negative tax

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