1. On Economic Fundamentals – The Kitchen Sink
a. Identify and discuss the factors of production and their importance as the bedrock of the national
economy.
i. Define and discuss the primary differences between the capitalist and socialist political
economic systems within the context of the factors of production. What economic system
best describes the US economy?
b. Next, define and illustrate the laws of demand and supply in a working scenario demonstrating your
knowledge of these laws as follows:
i. Each in different representations of elasticity as well as combined in a market in surplus
and shortage
c. Lastly, among Mankiw’s ten principles, what two help you understand economics best and why?
Explain in detail.
2. On the Gross Domestic Product –
a. Pertaining to the central variables of the GDP expenditure approach to measuring a nation’s
economic output:
i. With respect to the US economy, identify and illustrate the proportion of each of the
variables within the equation of the most current annual measure. Provide a brief analysis
of the implications of this current proportion.
Be sure to clearly define GDP
b. Identify the following while providing a global context to help strengthen your response – in other
words, compare the US numbers with another country – perhaps your team’s country:
i. US GDP
ii. US GDP per capita
iii. US GDP PPP
iv. US GDP growth rate
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