What is the difference between a change in demand and a change in quantity demanded? What are the variables the cause the demand curve to shift? Give an example of each. (250-350words)
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1- The difference between a change in demand vs a change in quantity demanded is change in demand is a shift of the demand curve the entire curve will either shift to the left or the right. The shift is caused by the changes in nonprice factors. Change in quantity demanded is a movement that is along a demanded curve which is caused by a change in the price of the good, it is a different point on the dame curve.
An example of change in demand would be when the pandemic first began there was a sudden shift in need for hand sanitizer.
An example of a change in quantity would be someone who normally buys multiples of an item like 5 cans of baby formula for $25 and suddenly the price shifts to $30 the individual now will buy 4 instead.
Module 3 – Black Markets
What is a black market (please give a real world example). Under what circumstance do black markets arise? discussion (100-150 words)
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A black market as the name suggests is a place or a kind of market that is illegal, it is outside the control of the government. This is a marketplace where there is no price control. In short, this is an illegal and underground market.
Example of the black market is as follow drugs, Animal trafficking, human trafficking, organ selling, and illegal weapons.
Module 4 – Unemployment Benefits
What effect does the payment of government unemployment benefits have on the unemployment rate? On the severity of recessions? Do you think that people should be allowed to receive unemployment benefits for 99 weeks? discussion (250-350. words)
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Most of the countries providing unemployment benefits to unemployed people. It effects unemployment rate.
Unemployment benefits are the payments made by the authorized officials bodies to the unemployed people or the people who looking for jobs. It’s also known as unemployment insurance, unemployment compensation, unemployment payment.
UNEMPLOYMENT RATE: It’s means the percentage of the total labor force that is unemployed and looking for jobs.
Unemployment benefits increases the unemployment rate. Because all mostly all developed economies have unemployment programmers to protect workers against major income loss or proving security to job seekers or unemployed people.
Unemployment benefits can discourage people from taking available jobs. People would stay homes and enjoy leisure time with family or friend s rather than taking available jobs.
It have found that extending unemployment bandits from 26 weeks generally available in most of the states to up to 99 weeks could have unemployment rises
According to my view that it’s not beneficial for developed economies that people should be allowed to receive unemployment benefits for 99 weeks because it discourages people for seeking jobs.