Econ 100

In: Business and Management

Submitted By neal0565
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Assignment 1: Principles of Economics
Strayer University
Spring 2012

Table of Contents

Page Suggest how an economist would approach the problem of alcohol abuse 3 Analyze how prescription drugs affect the demand and supply of other products 3 Formulate a reason why the elasticity of demand is an important consideration 4 Provide two (2) examples of increasing-cost industries in your state and propose 4 Suggest how, under certain conditions, a perfectly competitive market 5 Use at least three (3) quality resources in this assignment 6 References. 7

1. Suggest how an economist would approach the problem of alcohol abuse. Provide two (2) possible solutions to this problem. Include the four (4) elements of the economic way of thinking in your analysis.
During the twenty-five years experience of the Navy, they taught only two solutions to an individual’s alcohol abuse problem, education, and treatment. Alcohol abuse can be cure, and there are treatment facilities to help get their life back on track. The four element of the economic way of thinking would be Market forces, rational behavior, Opportunity Cost, Cost Benefit Analysis. According to Pettinger (2008), “The aim is to find patterns and use this to predict likely outcomes. In the real world, it is often difficult to model behavior because there are so many different variables”. (Para. 3) That is the therapy. 2. Analyze how prescription drugs affect the demand and supply of other products and services in this country.
With these types of illness and injuries in the world today, there is a major demand for prescription drug. In most cases, some individual’s needs for drugs may be short term or could required for the remainder of an individual's life.…...

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