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Assignment 1 Economic Impacts

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Economics
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Strayer University
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Homework
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Impact of Economics on Daily Living
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Impact of Economics on Daily Living
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Impact of Economics on Daily Living
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Impact of Economics on Daily Living
1. In the first four weeks of this class you have learned about several economic concepts
and how they impact daily living. Choose one economic concept from this list and
explain how it is relevant to your friends' budget situation
International trade involves the production, distribution and availability of goods and services
from different countries to the local market. Producers of the goods and services can go to
produce goods in another country owing to the costs factors and strategic advantages and then
import those goods to selling the local market. The imported goods could have a lower costs than
the locally produced foods due to the costs advantages in the international trade. They also help
increase the choices and variety to the consumers (Arnold, 2016). In this case, the daily living is
impacted by the international trade. The purchase of foods imported into the country has and an
impact on the budgetary allocations as they increase the variety of foods available and also vary
the costs allocated in the budget
2. . How did expenditures change between budgets? Which expenditures changed the most?
Which expenditures changed the least? Which stayed the same?
The total expenditures remained the same at $25,000 between the two budgets. However there
was a notable increase in the rent expenditure from by $750. The expenditure on foods from the
US recorded a $500 increment. The family experienced a reduction on expenditure for imported
foods by $500 while the utilities and transportation expenditures recorded a $20 reduction each.

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Impact of Economics on Daily Living 1 Impact of Economics on Daily Living Student name Course Impact of Economics on Daily Living 2 Impact of Economics on Daily Living 1. In the first four weeks of this class you have learned about several economic concepts and how they impact daily living. Choose one economic concept from this list and explain how it is relevant to your friends' budget situation International trade involves the production, distribution and availability of goods and services from different countries to the local market. Producers of the goods and services can go to produce goods in another country owing to the costs factors and strategic advantages and then import those goods to selling the local market. The imported goods could have a lower costs than the locally produced foods due to the costs advantages in the international trade. They also help increase the choices and variety to the consumers (Arnold, 2016). In this case, the daily living is impacted by the international trade. The purchase of foods imported into the country has and an impact on the budgetary allocations as they increase the variety of foods available and also vary the costs allocated in the budget 2. . How did expenditures change between budgets? Which expenditures changed the most? Which expenditures changed the least? Which stayed the same? The total expenditures remained the same at $25,000 between the two budgets. However there was a notable increase in the rent expenditure from ...
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