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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Module 1 - Written Assignment

Module 1 - Written Assignment

Q In this first summit session, we are discussing the key economic concepts and reviewing some terminology. Now, let's put to practice what we're learning. Select a relevant microeconomics industry and discuss how it relates to the PPF. Consider why countries engage in international trade and how that country aligns with the PPF concept. Choose a topic that explores one or more factors of production and how they relate to the PPF. Locate a recent article or event (published within the last year) that highlights your relevant microeconomics topic. Use the Hunt Library, newspapers, new stations, or other credible sources to discuss how your topic aligns with microeconomics. Include the following in your discussion: • State the article or event you selected. • Identify the microeconomic concept(s). • Describe your findings. • Analyze the relevance to real-life applications. Summarize your findings using at least 300 words and provide a minimum of one reference. Use current APA formatting to document your sources. Save your assignment using a naming convention that includes your first and last name and the activity number (or description). Do not add punctuation or special characters. This assignment will automatically be checked through Turnitin, a service that checks your work for improper citation or potential plagiarism by comparing it against a database of web pages, student papers, and articles from academic books and publications. Note: Investopedia and Wikipedia are not considered credible sources in academia. Please do not include Investopedia or Wikipedia as sources for any assignment in this course.

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In the article chosen, it was reported by the European Central Bank regarding the accuracy of the inflation forecasts which has declined drastically during the Covid-19 crisis. Inflation is well defined as the consequent rise in prices. There lies an important link of money and spending when concept of inflation is considered. Inflation is mostly predicted by the working economists by making a thorough comparison of the demand and supply of goods and services being demonstrated as the output gap. This concept is defined well as the difference which exists between the actual gross domestic product and the level of potential GDP which is based completely on labour and capital.