Explain economic principles and applications

Reference no: EM133266398 , Length: word count:600

Assignment - Economic Principles

Learning outcome 1: Explain economic principles and their applications in the real world.

Overview

In this assignment, you will develop a paper in which you select an industry that interests you, describe that industry, and explain how government might impact the industry.

A paper template is provided below for this assignment.

Instructions
Review your chapter readings and use the resources provided to develop a 2-3 page paper on Economic Principles - Microeconomics in which you:

Choose an industry that interests you. (Remember, an industry is not a company. An industry is a group of companies doing the same thing. Ford is a company. Automobile manufacturing is an industry.)

Do research on your industry. In a few short paragraphs, describe your selected industry:

Be sure to write in your own words.

Identify some of the major companies in this industry.

Identify the goods, and/or services this industry produces.

Add anything else about the industry that you think is interesting.

Keep track of your sources by copying their Internet addresses (URLs). You can paste these URLs at the end of your paper as your references.

Describe a microeconomic variable for your industry. Microeconomic variables include prices, sales, production, advertising, investment, and so on.

Include a graph, chart, or table showing this microeconomic variable over time.

You do not need to create this graph, chart, or table. Find one that has already been created and paste it into your paper. For example, if your industry is U.S. automobile manufacturing, Google, "U.S. automobile manufacturing over time." Select the "images" option. Choose one of the graphs, charts, or tables. Then copy and paste it into your paper.

Include a reference to the source of the graph, chart, or table. Microeconomic relationships and market outcomes are covered in Weeks 2-4.

Describe one way the government might impact this industry. Examples might include price controls, regulations, taxes, or any other way you can think of.

Government intervention through price controls, regulations, taxes, and antitrust enforcement were covered in Weeks 2 and 4.

Reference no: EM133266398

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