Economics Question and Answer Why is it important that prices are flexible in our economy?

Discussion Board Requirements(please review syllabus for more detailed explanation)

1. Initial post: 3-4 paragraphs, must have at least an in-text citation and reference in APA formatting, answer the question

3. First post due by Thursday by the FIRST Thursday of the module by 11:55pm

4. Week ends by Saturday at 11:55pm

Rubric:

60 points for initial post(20 points for having first post by Thursday)

40 points for two peer responses

Question:

Class,Why is it important that prices are flexible in our economy? Do you think the government should control the level of prices? How do you explain the law of demand to a recent purchase that you have made? Analyze two goods/services that you think are elastic and inelastic in your daily life that you have recently purchased or not when the price changes(relate your answer to the characteristics of elasticity).