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3 pages/≈825 words
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MLA
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Mathematics & Economics
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English (U.S.)
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Topic:

The GOP candidate lays out an ambitious economic agenda (Essay Sample)

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Directions: Write a TOTAL of ~ 4 pages maximum related to the attached article on growth strategy. No outside sources. You may comprise a numbered list of economic relationships, each with their own explanation. Criteria: 1. Cite as many microeconomic principles (relationships) and theories as Possible (there should be many) that apply to the topic with full explanation of how they link to our course content and affect the economy. Analyze each in a separate paragraph. Do not waste words. 2. What are the major lessons (be specific) that are learned from the course thus far that help shed light on this article? Grading Basis: The quality and consistent application of the tools of the course to your chosen topic are central. Essays should be clear and well written, organized, concisely presented. The goals is to provide many creative insightful examples of microeconomic theories/principles with supported explanation of the events which closely tie the course content together in a coherent and meaningful manner. Analyze as many microeconomic principles/theories as possible. The source I will send it to you. You just analysic basic on that source I sent to you source..
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Article Review: The GOP candidate lays out an ambitious economic agenda
Economics majorly deals with the supply and demand for goods and services in the economy, in the micro-economics facet. This can only be attained by macro – economic tools namely taxation and government spending. In essence, if the desirable welfare goals are to be achieved, economists have to ensure that micro-economic and macro-economic principles work in tandem.
The theory of demand and supply is the foundation of micro economics because the prices of services and goods are dictated by preference and choice of consumers. Demand is the quantity of a product or service that an individual desires at a particular price, whereas supply is the quantity of a product that a producer is willing an able to supply to the market at a desirable price. Producers would only supply what consumers’ desire and tailor their products to satisfy the varied tastes of the final user of goods produced in the economy. Producers can only achieve satisfaction at the price where what they produce is equal to what the consumers demand and this has been coined as the point of market equilibrium.
The concept of market equilibrium is very essential because it is the point at which, if equilibrium price is exceeded, there would be excess supply in the market because the price would be too expensive for the consumers to afford, and would therefore opt for substitute goods. Producers may be forced to increase their prices above the market equilibrium because of rising production costs or increase in government taxes levied on them so it would naturally force them to pass this extra cost to the consumers. The effect of this action would be that there would be excess supply or a surplus in the market which is wastage in production. Therefore, the government should cushion the consumers against the rise in prices above the equilibrium and in the process prevent inflation by: lowering taxes on raw materials and giving tax holidays to investors to achieve the market balance. This would be characterized by a shift of the supply curve downwards to the original equilibrium level.
On the other hand, if prices were to fall below the equilibrium price, there would be a ...
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