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PART 1 (Economics 200 WORDS)
Discussion Question:
Choose one of the below discussion topics and respond to this forum.
1. In this chapter, we learn about factors that cause shifts in the demand or supply curves (remember, a rightward shift indicates an increase while a leftward shift indicates a decrease). Can you give an example of a time when your individual demand curve for a certain good or service decreased? Which factor changed?
2. Imagine you are a small business owner (you choose the industry!). What are some factors which could cause your supply (and, supply curve) to increase, and what impact would this have on the equilibrium price and quantity for your product?
3. The concept of a price ceiling (a government-set price limit which keeps a price from rising above a certain level) is introduced in Chapter
3. A classic example of a price ceiling is rent control. Do you agree with the implementation of rent control, and why or why not? Consider the pros and cons of this policy. (You can find this material covered in Section 3.4).
2. Part 2 (Business Class 200 words)
Choosing a Form of Business Ownership
Imagine that you would one day own your own business and answer ALL the following questions.
– Which ownership form would you choose?
– What factors might influence your decision?
– Based on your form of ownership, provide a real-world example of a similar business (can be national or local to the Coachella Valley) and why it was chosen.
– What Financial Resources and Personal Skills would you need to launch a successful business in the form you indicated? Explain why they are needed.
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