ECON101 SU Wk 5 Economic Brief & Microeconomic Relationships Paper

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.

Inthe workplace, we are often asked to create “briefs.” A brief provides asnapshot, or short, written summary, of a situation or event that hasoccurred. It is generally just a few pages long and may includeadditional visuals like a graph, chart, or table. In this assignment,write a brief about economic concepts in an industry that interests you.

An example economic brief, template, and resources are provided below.

Example Economic Brief, Assignment 1 Template, Strayer Writing Standards (SWS)

1. Review an example brief.
2. Use the optional template to help you get started.
3. Get familiar with the Strayer Writing Standards (SWS). (See Instructions below.)

Industry Selection

Use this resource to select an industry and learn about the products and services it provides:

• NAICS (North American Industry Classification System)
  • Select the number next to the industry to see its subsectors, e.g., select 52 to see Finance and Insurance.
  • Select thatsame number again to read about the industry as a whole or select asub-category. For example, Mining is 21, and Oil and Gas Extraction, asub-category, is 211.

Instructions

Reviewyour previous chapter readings and use the resource above to develop aneconomic brief that is two to three (2-3) pages long in which you:

1. Selectan industry and describe the goods and/or services this industryproduces. Use the NAICS resource above to help you select an industry(and/or subsector) for your brief.
2. Identify this industry’s market structure and at least two or moremarket characteristics that support this market structure. (Marketstructures are covered in Weeks 3 and 4.)
3. Describeany notable microeconomic relationships, market outcomes, and/or trendsin this industry. Include a graph, chart, or table containing relateddata. (Microeconomic relationships and market outcomes are covered inWeeks 2 through 4.)
4. Howmight government impact this industry’s market prices, output, and/ormarket structure? (Government intervention through price controls,industry regulations, and antitrust enforcement is covered in Weeks 2and 4.)
5. This course requires use of Strayer Writing Standards(SWS). The format is different compared to other Strayer Universitycourses. Please take a moment to review the SWS documentation fordetails. (Note: You’ll be prompted to enter your Blackboard logincredentials to view these standards.)

• • Your brief should include a cover page.
  • Your brief should be two to three (2-3) pages in length (not including the cover page), double-spaced, 12-point font.
  • Your brief should include a minimum of one (1) reference/citation in the text.