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Question Description

  • Microeconomics Case Study

  • Instructions

    In this exercise, you will demonstrate your ability to find microeconomic data from public sources and to make a simple spreadsheet in Excel.

    1. Start by choosing an industry that interests you.
      • Remember that an industry is a group of companies that do the same thing. For example, Ford is a company; automobile manufacturing is an industry.
    2. Choose a microeconomic variable for your industry.
      • It could be prices, sales, production, advertising, or investment.
    3. Do some research and find three years of this microeconomic variable for your industry.
      • For example, you might find automobile sales data for 2017, 2018, and 2019.
    4. Go to the Census Bureau (NAICS) website and select an industry that has a description. Some of the smaller industries are named, but not described.
      • The industry could be broad, such as industry 11 Agriculture, Forestry, Fishing, and Hunting, or it could be narrow, such as industry 112112 Cattle Feedlots. The more digits in the industry label, the narrower the industry
    5. Prepare an Excel spreadsheet that has two columns and four rows. In cell A1, type in the industry you selected and bold the text. In the heading for cell A2, type “Year.” In cells A3, A4, and A5 descending below this heading, type the years for your data. In the automobile example, this would be 2017, 2018, and 2019.
    6. In the heading for column two, cell B2, type the name of the variable you chose. For example, it could be “Sales.” In the cells below this heading, type the sales data for each of the three years.
    7. Underneath your table, type “Source:” Then paste the URL of the source where you found your data.

    Resources to Complete the Assignment

    Economic Principles – Microeconomics

    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.An Example Economic Paper and Economic Paper Template are 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:

    1. Visit the Census Bureau (NAICS) website and select an industry that has a description. Some of the smaller industries are named, but not described.
      • The industry could be broad, such as industry 11 Agriculture, Forestry, Fishing, and Hunting, or it could be narrow, such as industry 112112 Cattle Feedlots.
        • The more digits in the industry label, the narrower the industry.
    2. In a few short paragraphs, describe your selected industry using the industry description at the NAICS website.
      • Be sure to write in your own words. Don’t just copy and paste the NAICS text.
      • Identify some of the major companies in this industry
      • Identify the goods, and/or services this industry produces. Use the information from the NAICS website. You can supplement this information with what you find in a separate Google search.
    3. Describe a microeconomic variable for your industry. Microeconomic variables include prices, sales, production, advertising, investment, etc.
    4. 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.
    5. 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.
    6. This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.

    Resources to Complete the Assignment

    The specific course learning outcome associated with this assignment is:

    • Explain economic principles and their applications in the real world.

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