Assignment 1: Principles of Economics

Assignment 1: Principles of Economics 1. Suggest how an economist would speak to the puzzle of alcohol abuse. Provide two (2) possible sources to this problem. complicate the foursome (4) elements of the sparing sort of mentation in your analysis. The frugal way of thinking is non very different from the American destinations way of thinking as a whole. The text lists the first element of the economic way of thinking as using assumptions to change (Sullivan, pg. 7). In America we t decision to simplify things until details atomic number 18 needed, this creates more efficiency in the casual activities. An economist would not make an excuse when the problem at hand is a serious one with detrimental aspect effects. This is why an economist would assume the best of alcoholism to simplify the process of rectifying it. match to Cook & Moore, authors of the article, The Economics Of inebriant Abuse And Alcohol-Control Policies, in the journal Health Affairs, th e way to animate alcoholism is to work up prices of beverages that contain alcohol because, consumers tend to whoop it up little ethanol, and have fewer alcohol-related problems, when alcoholic beverage prices atomic number 18 increase or alcohol availability is restricted.

Another economic solution to fighting alcoholism would be to place tariffs on companies that are involved in the alcohol trade. By doing this, it becomes more pricey to complete business and thus liming supply of the end product. This would be more beneficial in the end in community with raising excise taxes for the consumer; because the alcohol producers will an terior the taxes on to the consumer, creatin! g yet an even pricier drink for the consumer.  2. Analyze how prescription medicine drugs affect the demand and supply of other products and services in this country. As prescription drugs are formulated, there are more a(prenominal) millions of dollars that go into the final chemical make-up of a comminuted drug. In order to get the investors a return on their investment, the...If you want to get a full essay, order it on our website: BestEssayCheap.com

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