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Managing Prices in Times of A Pandemic Discussion

Managing Prices in Times of A Pandemic Discussion

Question Description

Discussions that earn a grade of “A” will answer, raise and discuss an issue thoroughly and thoughtfully.

2.You will also respond to at least TWO other students.

3.All of your original and replied postings must clearly demonstrate and relate the use of one or more economics concepts/theory/framework in the discussion and clearly relate it to the main topic. (Ex. Discussing about moral, fair, or law without relating it to economic theory would not fit this criterion.)

4.Each posting must include supporting evidence, details, examples, and citations (live links if they involve online research). 5.Each posting should add new information, and new thinking. The posting should enhance the critical thinking process and stimulate further discussion from other students.

6.Each posting is presented clearly and demonstrates both professional vocabulary and writing style

___________________________

Think of this assignment as a debate. Your reading on the topic of price controls should allow you to have some insights on certain situations that could emerge under stressful conditions. Imagine that a natural disaster struck a certain area of the country or a pandemic. Immediately basic goods such as water, toilet paper, gasoline, food, and others became “scarce.” These goods are only available for sale at exorbitant prices. The local government, in an effort to protect its citizens, has determined that these basic goods will be subject to strict price controls and anybody attempting to sell these goods at above stipulated prices will be jailed for a minimum of 10 years. It seems unfair for some to gain at the expense of others.

Debate your position regarding these issues.

(1) Why should or shouldn’t a government implement a price control in this type of situation?

(2) Should in midst of disaster a seller be allowed to sell without price ceiling? Why or why not (based on economics theories we learn in the class)?

(3) Who gains and who loses when exchanges outside of the price control system take place?

(4) Would you be entrepreneurial and take a risk despite the penalties associated? If you would, under which economic conditions? If you would not, under which economic conditions

(5) Does a price control in this type of situation lead to an efficient use of the basic resources? Or does it lead to a difference goal? Why or why not? Which economic goals should be the goal of that affected area? Why?

You are more than welcome to add many other aspects, data, facts, and analysis to the discussion.

REMEMBER: This is not a business ethic class or a law class or a religious study group or a personal story time. Use economics theories when you debate each point and argue your case.


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