The aftermath of the Civil War brought in major industrial expansion and significant economic growth for New England, the middle Atlantic states and the mid-west – more so with the completion of the transcontinental railroads years later. In contrast, the same Civil War brought in economic depression for the south. (Slavin, 2008) 3) The 1920s began with a brief depression which was completely forgotten between 1921 and 1929 when America enjoyed economic prosperity. The stock market crash in 1929, however, ended the abundant times and brought in the “Great Depression”.
Similarly, there was a brief economic recession in the early part of the 1990s – it began in early 1992 and ended later that same year. With the end of such recession, the stock market soared and the years that followed witnessed economic expansion in America until the index reached its peak in March 2001 and then dove deep, signaling the end of the good, profitable days of the bourse. The economy worsened in September 2001 after the World Trade Center Tragedy. (Slavin, 2008)
The opportunity cost of attending the concert using a free ticket is less time spent on studying. Having to leave for the concert venue earlier than planned and then getting home much later because of the miserable weather would further increase the opportunity cost of attending the concert, since it would mean more study time spent on something else. 5) Last summer, I incurred opportunity costs by cancelling plans to take a summer job and choosing, instead, to spend my summer bumming around with friends.
Under no circumstances can we operate outside our production possibilities curve. It would mean generating an output that is more than what results from full employment and full production. Such a scenario is not attainable. (Slavin, 2008) 7) a) According to the Occupational Outlook Handbook, “economists study how society distributes resources, such as land, labor, raw materials, and machinery, to produce goods and services.
They may conduct research, collect and analyze data, monitor economic trends, or develop forecasts. ” (U. S. Department of Labor) b) According to the College Majors Handbook and as cited in the article, the top three types of jobs for economics graduates are as follows: “1) Top- and mid-level managers, executives, administrators; 2) Insurance, securities, real estate, business services; and, 3) Accountants, auditors, other financial specialists. ” (Schwartz)
Slavin, Stephen L. Economics 8th Edition. McGraw-Hill Higher Education, 2008. U. S. Department of Labor. Occupational Outlook Handbook. (http://www. bls. gov/oco/ocos055. htm#nature) Schwartz, Shelly K. “Economics Grads Face Strong Job Market, but Higher Degrees Still Help. ” CNNMoney Personal Finance. (http://money. cnn. com/2000/08/18/career/q_degreeeconomics/)
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