Available until Nov 7, 2021 11:59 PM. Access restricted after availability ends. Must post first. Before completing this graded discussion. You should have full understanding of the concepts below, if you don't please use the textbook and review them first. Opportunity Cost, Scarcity, Market Failures, Government Regulation, Taxes, Tax Revenues, Public Goods, Government Spending. Instructions and Steps: 1. View the following TED Talk (video presentation). As you watch the video, take notes of any relevant information. What Government Can Learn From Baseball | Daniel Koh 2. Answer the following question; As you are aware from reading chapters 4 & 10, Governments intervene in markets to solve market failures like pollution, and to provide for public goods, but to achieve this, they need funding, which they accomplish by collecting taxes. Jean-Baptiste Colbert a French politician who served as the Minister of Finances of France from 1665 to 1683, once famously said "The art of taxation consists in so plucking the goose as to obtain the largest [number] of feathers with the least possible amount of hissing." Implying that taxes should be as high as people are willing to pay without complaining too much. Based on what you read in chapter 10, and the information on this TED talk, should governments focus more on becoming more efficient with the use of tax revenues hence reducing the cost of delivering for their citizens, or should they focus more on trying to increase tax revenues? Explain why. 3. Produce a response (post) of at least one paragraph in which you explain your position. Your post must be detailed and contain at least the following elements: It must state your stance to the question posted It must state the reason why Your reason must be explicitly connected connected to one of the concepts listed above, which means that must use at least of the concepts in your explanation It must use information, or data from the TED talk to support your argument. 4. Produce a response (reply) in which you critique the post content using the Intellectual Standards (Clarity, Accuracy, Precision, Relevance and Logic). In other words, you are to use the Intellectual Standards to assess the someone else's post. Your reply must contain at least the following elements: It must explicitly state which of the 5 Intellectual Standards (Clarity, Accuracy, Precision, Relevance and Logic) you are using in the critique. It must at least contain one question. The question must be preceded or followed by a short statement pointing out what you think needs improvement. For example, if in your opinion, the reason or rationale someone used was not clear, you can point that out by asking questions of Clarity, and by addressing what was unclear about the statement. An effective reply may look like this; Clarity and Precision can be improved. "when you wrote about _________, I was not sure if you meant _________ or ________. Can you say that in a different way? Can you be more specific?". To earn full credit, in this discussion, you are required to produce one (1) Post and one (1) Reply. Your grade will based on how Clear, Precise, Accurate, Relevant and Logical your posts and replies are. Each entry (a Post or a Reply) is weighted equally.