American Economist and Professor Tyler Cowen stated that “economics is everywhere, and understanding economics can help you make better decisions and lead a happier life.” Do you agree/disagree? Why?

American Economist and Professor Tyler Cowen stated that “economics is everywhere, and understanding economics can help you make better decisions and lead a happier life.” Do you agree/disagree? Why?

On the last page of the presentation, we have the following terms that I would like to you to look up and provide me with your definition:
• Economy
• Economics
• Macroeconomics
• Microeconomics
• Fiscal policy

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• Budget surplus
• Budget deficit
• Federal debt
• Monetary policy
• Commercial banks
• Money supply
• Money
• M1 money supply
• M2 money supply
• Open market operations
• Federal Deposit Insurance Corporation (FDIC)
• Discount rate
• Reserve requirement
• Economic system
• Capitalism
• Pure competition
• Monopolistic competition
• Oligopoly
• Monopoly
• Natural monopoly
• Supply
• Supply curve
• Demand
• Demand curve
• Equilibrium price
• Socialism
• Communism
• Mixed economies
• Privatization
• Gross domestic product
• Unemployment rate
• Business cycle
• Contraction
• Recession
• Depression
• Recovery
• Expansion
• Inflation
• Hyperinflation
• Disinflation
• Deflation
• Consumer price index (CPI)
• Producer price index (PPI)
• Productivity

***Please do not copy/paste the definition from an online dictionary. I would like you to paraphrase the definition of these terms using your own words.
Discussion Questions
DQ 1 – With the current size of the U.S. federal debt, you might think that it has been around forever, but the outsized federal debt is actually a fairly recent phenomenon. Use the internet to research the history of the federal debt. What triggered the periods of growth and decline? How do you think the federal debt will affect you? Do you believe it will ever go down to zero? Why or why not?
DQ 2 – Compare and contrast microeconomics and macroeconomics. How do the two approaches interrelate? Use a specific example to explain.
DQ 3 – What are the fundamental elements of the free market economic system? How can businesses thrive within this system?
DQ 4 – If you had a choice to open up your own business, what would that business be (business type, location, target audience, type of market) and why would you want to open that business? How and why would your business survive in today’s economy?

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