Reference no: EM132211367

Describe how a market economy functions and the relationships of its major subdivisions or aggregates, such as the government, households, and business sectors. Emphasis will be placed on the U.S. Economy and its linkages to the global economy (CO1) Construct and interpret economic graphs (CO2) Analyze economic policies and predict their effects, especially regarding relating theory to real world situations (CO5) You are going to write a short paper that involves the concepts explored in the material that you have read. We will focus on comparing economic systems. How do economic systems (central planning versus mixed market) differ in the way they answer the three core economic questions presented in chapter 1? What specific problems exist with central planning that have led to shortages and surpluses for countries employing this system in the past? What are the causes of market failure in competitive markets? Using Microsoft Excel or PowerPoint, construct a graphical example of market failure.This should be embedded into a word document. Provide two specific examples of how government intervention can improve outcomes in markets that would otherwise fail in a competitive market. The paper should be presented in Microsoft Word, and be no longer than three pages. Please double-space your work. Compose your work in a .doc or .docx file type using a word processor (such as Microsoft Word, etc.) and save it frequently to your computer. For those assignments that are not written essays and require uploading images or PowerPoint slides, please follow uploading guidelines provided by your instructor. Check your work and correct any spelling or grammatical errors. When you are ready to submit your work, click “Upload Submission.” Enter the submission title and then click on “Select a file to upload.” Browse your computer, and select your file. Click “Open” and verify the correct file name has appeared next to Submission File. Click on “Continue.” Confirm submission is correct and then click on “Accept Submission & Save.” Turnitin® This course has Turnitin® fully integrated into the course dropbox. This means that you should only submit your assignments to the dropbox below. Please do not submit your assignment directly to Turnitin.com. Once submitted, your assignment will be evaluated by Turnitin® automatically. You will be able to view an Originality Report within minutes of your first submission that will show how much of your work has been identified as similar to other sources such as websites, textbooks, or other student papers. Use your Originality Report as a learning tool to identify areas of your assignment that you may not have cited appropriately. You may resubmit your assignment through this dropbox as many times as you need to check to see if you have made improvements, until the due date of the assignment. However, once you have made your first submission, you will need to wait 24 hours after each subsequent submission to receive a new Originality Report. Plan accordingly as you draft your assignment. Once the due date has passed, your assignment submission will be considered final. Evaluation This assignment will be graded using the Weekly Assignment Rubric located on the Rubrics page within the Start Here section of the course. Please review the rubric prior to beginning your work so that you ensure your submission meets the criteria in place for this assignment. Assignments, together, are worth 35% of your final course grade. Ensure that: Description and explanation of concepts and theories is written in your own words and demonstrates comprehension. Specific characteristics used to describe market and command systems are accurate and clearly described.