Gross Domestic Product - PDF

Added on -2020-02-18

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Running head: BUSINESS ECONOMICS Business EconomicsName of the StudentName of the UniversityAuthor note
1BUSINESS ECONOMICSTable of ContentsAnswer 1a........................................................................................................................................3Price floors...................................................................................................................................3Question 2a......................................................................................................................................4Perfect Competition.....................................................................................................................4Answer 3a........................................................................................................................................7Gross Domestic Product and Economic growth..........................................................................7Short Answer...................................................................................................................................9Answer 1a....................................................................................................................................9Answer 2a..................................................................................................................................10
2BUSINESS ECONOMICSAnswer 1aPrice floorsI. Price floor is a policy where government sets a minimum legal price for the goods sold in themarket. The minimum price is called support price. Examples of such price support policyinclude setting of minimum wage or more importantly in agriculture to guarantee a minimumincome for the farmers. The possible impact of price floor set for Wool farmers is explainedbelow.Figure 1: Impact of price floor(Source: as created by the Author)

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