The purpose of this assignment is to have you engaged with real-world examples of economic concepts. This assignment will help you apply critical thinking and analysis of economic concepts we learn during the week with a real-world event. It will also help you engage with your fellow classmates through an online discussion so that you may learn from a diversity of aspects, thoughts, and opinions.
Task:
1. Please listen to the following podcast:
https://www.npr.org/2022/07/27/1114130282/planet-money-summer-school-3-booms-busts-us
2. Please answer all of the following discussion questions in your initial posting by Wednesday Nov. 2:
Extra Credit Option: Create a 5-8 minute video response in place of a written response using Panopto. You will receive 2 extra credit points if you complete the video response.
1. What is the business cycle in the economy? How does the business cycle effect the economy?
2. What are the ways the government policies that are used to cushion the impact of the effects of the business cycle on the people in the economy?
3. How does the business cycle relate to the increasing income inequality in the economy? How does income inequality effect your life? Do you benefit or lose out from income inequality?
4. Do you think the government should create programs and policies to decrease the income inequality? Why or why not? What type of policies should the government pursue to decrease income inequality?
