Question;Assignment 1: LASA 2: Supply and Demand in a Global Market;Answer;the following questions using examples and applications from the;readings. Justify your answers using economic concepts and ideas as;they apply. Each response should be between 100-200 words.;Questions;The;demand for labor is said to be a ?derived? demand. What is the meaning;of a derived demand? How does this concept help to determine the demand;for labor?What;are some of the factors that determine the supply of labor in a market?;What significant factors have changed the supply of labor over the last;twenty years? How does a firm determine its prices and the quantity of labor required in the resource market during a specific period? Why;do income inequalities exist? How are income inequalities measured?;How have income inequalities changed from 1980 to the present?What;is the role of the U.S. government, in terms of dealing with the;problem of income inequalities? What are the arguments, for and;against, government involvement in this area?Why;do nations trade? What is meant by the concept of ?Comparative;Advantage?? Could a nation be better off economically, if it practiced;an isolation policy?The;United States has had a significant trade imbalance for several years.;What are the problems associated with having a negative trade balance?;What can be done to correct the imbalance?How are exchange rates determined? What is the significance of currency devaluations to the home country? To other countries?
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