Using the following list of reading objectives, chose at least one objective from EACH chapter and demonstrate your mastery of the objective using your own words. You should use the terminology and concepts from the text, but not simply copy the text as your answer. Outside research and/or real-life examples are a great way of further explaining an objective. The goal of this assignment is to demonstrate mastery of concepts through the act of explaining concepts to others. Your research is intended to aid in your explanation of the topic, but not be the entire explanation. In order to show a mastery of the concept you must be able to explain the topic in your own words.

Chapter 7:
•Identify the key assumption of classical models in macroeconomics.
•Explain the concept of diminishing returns to labor.
•Analyze how shifts in demand and supply affect wages and employment.
•Explain how full employment is determined in a classical world.
•Describe how changes in taxes can affect full employment.
•Compare crowding out in a closed and open economy.

Chapter 8:
•Calculate economic growth rates.
•Explain the role of capital in economic growth.
•Apply growth accounting to measure technological progress.
•Discuss the sources of technological progress.
•Assess the role of government in assisting economic growth.

Writing Requirements (APA format)
•3-4 pages (approx. 300 words per page), not including title page or references page
•1-inch margins
•Double spaced
•12-point Times New Roman font
•Cover page with topic and name of student
•You must use at least two in-text citations with corresponding outside sources (references) in your paper
•References page