ADM614 All Weeks | Public Finance in Economics - Grand canyon university

ADM 614 Economics for Public Administrators Week 1 Discussion DQ1 The economic way of thinking requires administrators to incorporate eight principles. One of the principles relates to “tradeoffs” and another principle relates to “opportunity costs” for scarce resources. Describe how public administrators must make trade-offs by assessing opportunity costs relating to scarce resources. DQ2 Explain how scarcity and poverty are different. Give examples to support your reasoning. ADM 614 Economics for Public Administrators Week 2 Discussion DQ1 Assess discrepancies between public budgets and public needs. Explain the relationship between the public budget and the demand for public goods. DQ2 Markets and government both allocate scarce resources. Please explain how government adjusts market outcomes though subsidies and whether Pareto efficiencies are achieved. Discuss the role of subsidies in the Affordable Care Act as explained in the assigned article “How Millionaires Get Obamacare Subsidies Intended to Aid the Poor” by Managan. ADM 614 Economics for Public Administrators Week 3 Discussion DQ1 Explain the difference between government failure and market failure. Discuss the role of government in a market economy to address market failure. DQ2 Economic efficiency is how economists assess the desirability of outcomes. Discuss the two requirements for efficiency in a market economy. ADM 614 Economics for Public Administrators Week 4 Discussion DQ1 Monopolies are good for producers but not consumers. Differentiate between the positive and negative impacts of monopolies on the economy. Discuss why or why not monopolies are bad for the economy? DQ2 Compare and contrast the three types of unemployment. Discuss how these three types of unemployment demystify a common myth that “unemployment would not exist if the economy were operating efficiently.” ADM 614 Economics for Public Administrators Week 5 Discussion DQ1 Discuss the circular flow of money and income through the four basic markets of (a) goods and services, (b) resource markets, (c) loanable fund, and (d) foreign exchange. Identify a key factor related to the flow of money and income in two of the four identified markets. DQ2 Read special Topic 5 (page 610) regarding the market crisis of 2008. Explain what caused the recession. Discuss how the economy reacted to the 2008 market crisis and continues to react to its impacts. Explain how you might prevent this type of problem from reoccurring. Support your response with research. ADM 614 Economics for Public Administrators Week 6 Discussion DQ1 Explain what a budget deficit is. Describe how under the Keynesian model budget deficits increase aggregate demand. DQ2 Evaluate whether or not fiscal stimulus will increase or decrease economic recovery. Explain ADM 614 Economics for Public Administrators Week 7 Discussion DQ1 Choose an instance from the past 100 years of U.S. history where a change in the supply of money effected the economy. Explain how it was affected, including how U.S. monetary policy and the banking system were affected. DQ2 As a monetarist, Milton Freidman suggested that the government should only release the amount of money into the economy that matches the GDP production. Discuss how the entire demand curve for money will adjust to the equilibrium point. Would you agree with Milton Freidman’s opinion on the ability of monetary policy to address economic problems? Explain your rationale. ADM 614 Economics for Public Administrators Week 8 Discussion DQ1 Discuss what institutions and government policies promote economic growth. Explain how these institutions incentivize economic activity. DQ2 Income transfers were developed as a part of Lyndon B. Johnson’s war on poverty. Define income transfers. How should traditional income transfers eliminate incidence of poverty? Does it work? Explain.