Explain economic principles and their applications in the real world.
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.
An example economic brief, template, and resources are provided below.
Example Economic Brief, Assignment 1 Template, Strayer Writing Standards (SWS)
Review an example brief.
Use the optional template to help you get started.
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: The industry that’s chosen is provided below with the description.
NAICS (North American Industry Classification System)
Sector 61 – Educational Services
6114 – Business School and Computer and Management Training
Sector 61 — Educational Services T
6114 Business Schools and Computer and Management Training T
This industry group comprises establishments primarily engaged in one of the following: (1) offering courses in office procedures and secretarial and stenographic skills and may offer courses in basic office skills, such as word processing; (2) conducting computer training (except computer repair); or (3) offering an array of short duration courses and seminars for management and professional development. Instruction may be provided in diverse settings, such as the establishment’s or client’s training facilities, educational institutions, the workplace, or the home, and through diverse means, such as correspondence, television, the Internet, or other electronic and distance-learning methods. The training provided by these establishments may include the use of simulators and simulation methods.
Instructions
Review your previous chapter readings and use the resource above to develop an economic brief that is two to three (2-3) pages long in which you:
Select an industry and describe the goods and/or services this industry produces. Use the NAICS resource above to help you select an industry (and/or subsector) for your brief.
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.)
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.)
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.)
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.)
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.
Answer preview to economic principles
APA
646 words