Eco 100 Assignment

In: Business and Management

Submitted By Jay4414
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Economics has a number of different ways of solving difficult problems. With Economics you can solve difficult problems using mathematics and theories that are economically related. In this paper I will discuss different scenarios that will give a better understanding of economics. Suggest how an economist would approach the problem of alcohol abuse. Provide two (2) possible solutions to this problem. Include the four (4) elements of the economic way of thinking in your analysis. An economist would increase cost through added tax and reduce availability. When measuring the cost of alcohol abuse in any city in the U.S. we must understand what make the assumptions of alcohol abuse comprehensible and to focus on the relevant alcohol abuse. We have to think about such things as health services and medical expenses, premature death, loss of productivity, and alcohol related crimes. In total, the U.S. economy loses an estimated $185 billion each year to alcohol-related problems, according to the National Institute of Alcohol Abuse and Alcoholism. We use the assumptions to help explain, Economics is a discipline, but it is not an exact discipline. Economic theory simplifies situations because it would be nearly impossible to predict and include every relevant variable and factor. Just look at the cost of drunk driving. Drunk driving is an insightful subject to many people because so many lives have been affected by this crime. The National Highway Traffic Safety Administration reports that alcohol related motor vehicle crashes kill someone every 31 minutes and nonfatal injure someone every two minutes. During 2005, 16,885 people in the U.S. died in alcohol-related motor vehicle…...

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