REFLECTION PAPER

• Scarcity, Comparative Advantage, Markets, Law of Demand, Law of Supply, Market Failure, The Minimum Wage, Human Capital, Inflation, Gross Domestic Product, Economic Growth, Fiscal Policy, Supply Side Fiscal Policy, Taxation, Public Debt, Fiat Money, and Monetary Policy.

Choose one concept from the list above, and explain with 1,000-to-1,200-words in which you state a response to the following prompt;

"Before completing the scenario assignments in this course, I thought about (one of the concepts from the list) in this way ..., now I think ... ".

**I CHOSE THE MINIMUM WAGE