ECON201 Discussion Question 1 and 2

Post a summary and economic analysis of the article/external reference on the discussion board under the article link for this week.

Your post should:

• summarize a specific concept from the reading
• analyze how the reference you choose helps to illuminate the concept
• provide a link to the full source of the reference

Answer DQ#1: Economics and the debate over tariffs by Day 3.

• Re-read the paragraph about Positive and Normative Analysis in Chapter 1 (around page 14, depending on the book format).
• Then re-read the feature “Apply the Concept” in Chapter 1 around page 15 entitled “What Can Economics Contribute to the Debate over Tariffs?”
• Now go to the discussion board and post summaries of two different articles that you have read or heard about in the news: 1) summarize a “positive” issue related to tariffs and 2) summarize a “normative” issue related to tariffs. be sure to clearly identify which is which, and be sure to identify your sources.
• After you have summarized the articles, answer these questions: 1) What statistics or data can be used to address the positive issue? Can the positive issue be resolved using the statistics you presented? 2) What statistics or data can be used to address the normative issue? Can the normative issue be resolved using the statistics you presented?
• Answer DQ#2: Specialization and independence by Day 5.
  • Take a look at one of the many short videos on the “Primitive Technology” channel, www.youtube.com/channel/UCAL3JXZSzSm8AlZyD3nQdBA.
  • Why might the man in the video choose this lifestyle? What opportunity costs did he need to consider in making the decision to produce everything himself?
  • Is the man in the video producing everything efficiently? If you were to find yourself stranded with this man in his secluded world, what would you suggest as a first step toward working together? How would you convince him?