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COURSE TEXTBOOK AND MATERIALS: Title: Economics Private and Public Choice ISBN: 978-1-305-50672-5 Author: Gwartney, James D. Publisher: South-Western, Cengage Edition: 16th, 2016
For the Final Paper, students must write essay responses to the following questions and statements and submit them after this course. Be sure to respond to all parts of each item. The Final Paper should be a consideration of the guidelines, principles, and concepts students have learned in this course, as well as an application of those principles. The Learning Outcomes for this course should be used as a guideline for what is to be included in the Final Paper.
1. What is the single most important economic concept you learned in this course and what makes it so important?
2. Explain the concepts of supply and demand and how they function in the market process.
3. Explain how the banking system creates money.
4. Describe the Gross Domestic Product and explain how it is used in developing national policies.
5. Drawing upon your readings from those economist theories and viewpoints, to which theory or analysis of economics do you find best relates to your stance on economic stabilization and explanation your answer: Keynesian View; Malphurs stance on dismal science; Adam Smith’s The Invisible Hand; New Classic Economist; Activist & Non-Activist (this is not a comprehensive list).
a. How can you apply your current theory to today’s economy?
6. Describe five or six factors that will contribute to the efficiency of an economic organization and thus contribute to an increase in the standard of living of a nation.

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