Discussion Post
o Read Chapters 1 and 2 of Macroeconomics: Private and Public Choice.
o Read Chapter 7 of Popular Economics: What the Rolling Stones, Downton Abbey, and LeBron James Can Teach You About Economics.
For this discussion,
a) Define capitalism and socialism and provide examples of countries for both structures.
b) Next, discuss why capitalism and socialism are currently being spotlighted in U.S. politics giving the pros and cons to each organizational structure. Be sure to be specific and give supporting facts, not just opinions.
c) Finally, address the question: Does capitalism create wealth inequality and is this necessarily a bad outcome?
d) Read Chapters 3 and 4 of Macroeconomics: Private and Public Choice.
For this discussion you will debate with your peers the concept of increasing minimum wage.
In order to participate in a knowledgeable debate, you must have a firm understanding of each side of the issue. Your textbook discusses minimum wage in detail and like many traditional economists, for the most part, does not support increases in the minimum wage citing the negative impacts that such increases may create. Research at least two scholarly and/or credible resources (other than the Macroeconomics: Private and Public Choice text). Use factual information; do not simply document or restate opinion.
The response should include a reference list. Using one-inch margins, Times New Roman 12 pnt font, double-space and APA style of writing and citations.