Explain economic principles and their applications in the real world

Assignment 1: Economic Brief Due Week 5, worth 150 points This assignment is aligned to these course outcomes: • Explain economic principles and their applications in the real world. • Summarize the different types of market structures and the role of government in economics. In the workplace, we are often asked to create “briefs.” A brief provides a snapshot, or short, written summary, of a situation or event that has occurred. It is generally just a few pages long and may include additional visuals like a graph, chart, or table. In this assignment, write a brief about economic concepts in an industry that interests you. Industry Selection and Background Resources Use this resource to select an industry: • NAICS (North American Industry Classification System) These resources are available to help you identify a U.S. industry and the products and services it provides: • Mergent Online Help Video on Mergent Industry Reports • Business Source Complete United States Industry Profiles All Industry Profiles by Country (select Industry Profiles in the left menu Source Types) • Flipster Online Magazines Scroll through to view these recommendations: Bloomberg Businessweek and Fast Company Preparation 1. Begin this assignment by selecting an industry (and/or subsector) from the NAICS list. 2. To best prepare for this assignment, it will be important to review the industry background resources above, The Little Book of Economics and the OpenStax chapter readings, as well as your prior discussion board questions and responses. 3. Use the optional template to help you get started. 4. Get familiar with the Strayer Writing Standards (SWS). (See Instructions below.) Instructions Develop an economic brief that is two to three (2-3) pages long in which you: 1. Select an industry and describe the goods and/or services this industry produces. Pick an industry from the NAICS list. 2. Identify this industry’s market structure and at least two or more market characteristics that support this market structure. (Market structures are covered in Weeks 3 and 4.) 3. Describe any notable microeconomic relationships, market outcomes, and/or trends in this industry. Include a graph, chart, or table containing related data. (Microeconomic relationships and market outcomes are covered in Weeks 2 through 4.) ECO100 – Principles of Economics © 2018 Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University. Page 2 of 3 4. How might government impact this industry’s market prices, output, and/or market structure? (Government intervention through price controls, industry regulations, and antitrust enforcement is covered in Weeks 2 and 4.) 5. This course requires use of Strayer Writing Standards (SWS). The format is different compared to other Strayer University courses. Please take a moment to review the SWS documentation for details. (Note: You’ll be prompted to enter your Blackboard login credentials to view these standards.) o Your brief should include a cover page. o Your brief should be two to three (2-3) pages in length (not including the cover page), double-spaced, 12-point font. o Your brief should include a minimum of one (1) reference/citation in the text. ECO100 – Principles of Economics © 2018 Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University. Page 3 of 3 Assignment 1 Rubric Grading for this assignment will be based on the quality of your responses in addressing each of the points below, using the following rubric: Points: 150 Assignment 1: Economic Brief Criteria Exemplary 90–100% A Proficient 80–89% B Fair 70–79% C Meets Minimum Expectations 60–69% D Unacceptable Below 60% F 1. Identifies an Industry and describes the goods and/or services this industry produces. Weight: 20% The student correctly identifies an industry and provides an accurate and thorough description of the goods and/or services this industry produces. The student correctly identifies an industry and provides an accurate description of the goods and/or services this industry produces. Some minor details are excluded. The student correctly identifies an industry and provides a partial description of the goods and/or services this industry produces. Major details are excluded. The student incorrectly identifies an industry based on the description of goods and/or services being produced. The student did not identify an industry and/or provide a description of any industry goods and/or services being produced. 2. Identifies a market structure for this industry and at least two supporting market characteristics. Weight: 30% The student correctly and thoroughly identifies a market structure for this industry with two or more supporting market characteristics. The student correctly identifies a market structure for this industry with two market characteristics that support it. Some minor details are excluded. The student correctly identifies a market structure for this industry with at least one market characteristic that supports it. Major details are excluded. The student attempts to identify a market structure for this industry but may or may not have provided supporting market characteristics. The student did not identify a market structure and/or any market characteristics for this industry. 3. Describes a notable economic relationship, market outcome, and/or trend in the industry. Includes an existing graph, chart, or table containing related data. Weight: 20% The student correctly and thoroughly describes an economic relationship, market outcome, and/or trend in this industry. Includes an existing graph, chart, or table containing related data. The student correctly describes an economic relationship, market outcome, and/or trend in this industry. Includes an existing graph, chart, or table containing related data. Some minor details are excluded. The student partially describes an economic relationship, market outcome, and/or trend in this industry. May or may not have included an existing graph, chart, or table containing related data. Major details are excluded. The student incorrectly describes an economic relationship, market outcome, and/or trend in this industry. May or may not have included an existing graph, chart, or table containing related data. The student did not describe an economic relationship, market outcome, and/or trend in this industry. May not have included an existing graph, chart, or table containing related data. 4. Describes how government intervention may impact this industry. Weight: 20% The student accurately and thoroughly describes how government intervention may impact this industry. The student accurately describes how government intervention may impact this industry. Some minor details are excluded. The student partially describes how government intervention may impact this industry. Major details are excluded. The student attempts to describe how government intervention may impact this industry. The student did not describe how government intervention may impact this industry.