The Fundamental Questions of Economics – Due by Sunday’

The Fundamental Questions of Economics – Due by Sunday
Assignment:
At the fundamental level, Economists seek to answer three questions:
WHAT to Produce
HOW to Produce
FOR WHOM to Produce
Economists use the answers to these questions to better understand how markets value the scarce resources that are available.
For this week’s ALA, review the “News Wire: Opportunity Cost” in Chapter 1 of the text. This example shows how one country prioritizes military goods output over consumer goods output. With this example in mind, answer the following questions regarding a country’s production mix.
Which factors influence the optimal mix of military and consumer goods for a nation?
What percentage split do you believe represents the current optimal mix for the United States? Have recent world events impacted your recommendation? If so, how?
How would looking at this dilemma from a biblical perspective impact the optimal mix for a country?
Instructions:
Length: 2-3 Pages (250 words = approximately 1 page) pages double-spaced, excluding the cover page and reference pages, formatted in APA style.
Cover Page Containing: Title of Paper, Your Name, Course Number and Name, Professor’s Name and Date.
Introductory Paragraph: Setting forth a clear statement of your thesis.
Conclusion: A concise statement that reaffirms your thesis.
References: At least two quoted references to the text, required multimedia and/or scholarly articles.
Documentation: All sources must be documented on a separate reference page, in APA 7th edition format.
Grading: Refer to rubrics for grading criteria.