Reference no: EM132087185

The purpose of this is assignment is for students to review the ten principles of economics and the basic economic principles.

Students will understand the basic economic principles and be able to understand how at least one of these principles affect their decision making, how people interact and/or how the economy as a whole works.

Assignment Steps

Resources: Varied, but may include the National Bureau of Economic Research; Principles of Macroeconomics: Ch. 1, 2, 3, 4, 5, 6, and 7

Scenario: You are the newest hired member of ONE of the following organizations:

1) A military contractor that manufactures and installs equipment for the US Navy. Although the facilities are in San Diego, 100% of actual manufacturing takes place in Mexico from raw materials from Mexico and other countries, but NOT the US.

2) A medical device manufacturer established in San Diego. Your company manufactures all its equipment in the US from US components and sells your high end specialized medical equipment to hospitals in Europe. You are the preferred supplier to the European market, yet there are European manufactures that closely resemble your product.

You have been asked to write an essay to the members of the strategic planning committee in order to inform them of your views of current economic environment and principles. You must write a report to introduce some of these economic thoughts and principles. Make your economic recommendations regarding the best interest of the company over the long term (2 to 5 years.)

Develop a 750 to 1,500-word essay to the members of the strategic planning committee explaining the following information:

• Provide your definition of economics and why your definition is valid versus the definitions traditionally presented.

• Provide a brief description of ALL ten principles of economics.

• Select ONE of these principles and explain how this principle applies to your thesis and why this principle was selected.

• Provide a current events and samples of how the principle you selected is relatable to the members of the planning committee.

• Look at the externalities (positive and negative) associated with the principle you selected and the examples provided.

• Explain how this principle can affect you or your community or your employment or your city/county/state or the country or another country.

Format the assignment consistent with APA guidelines.