Macroeconomics

 
NAUX-Change-02-6
Briefly describe supply and demand.
 
Discussion 02.1:Your Production Possibilities Frontier
 Discuss and apply this model to your life bydescribing your forgone leisure or forgone income as your tradeoff for a higherGPA score.  A lower grade is theopportunity cost of increased leisure or increased income.  Also identify your position point on the PPFand indicate how many study hours youre planning to set-aside to complete yourcoursework in this class.
 
Discussion 02.2:Understanding and Using Demand and Supply
  You will use this modelagain and again during our course, so having a clear understanding of it willbring you an immediate payoff.  But muchmore important, by understanding and using the demand and supply model, youllhave a much better appreciation of how our economic world works.  Therefore, share with your classmates howdemand and supply influence the prices of your favorite clothing, music, andfood items.