Introduction to Microeconomics

Required Materials
Introduction to Microeconomics, Video lecture (34:14)

Transcript URL for Introduction to Microeconomics Video:
Khan Academy. (2016). What are public goods? Retrieved from
Khan Academy
Once you are in the Khan Academy site, scroll down to where it says, “Video transcript”.    This is the material you will need to review.   You can also scroll down a little further and click the shaded ‘Video on YouTube” in the lower-right-hand-corner.

1.Explain the difference between a positive and normative statement. Give an example of each type of statement.

2.What is the difference between supply and demand as presented in the readings?  Discuss a real-time example that you found doing outside research.

3.Do some additional research on your own on public goods. What are the two main characteristics of this type of good? What is the biggest “problem” with allocating public goods? Do you think the government should have a role in allocating public goods, or should goods be privatized?

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