Microeconomics assignment

1

ECONOMIC NEWS ANALYSIS ASSIGNMENT

(due by Tuesday, 4th August)

Marks: 8 points

Word Limit: 800-1000 words Individual Assignment

You are required to prepare a short essay (of 800-1000 words) on a topic of your own interest by critically analyzing a recent news article that contains content amenable to analysis. Potential topics for Economic News (some of those that we discuss in class):

 Market Forces of Supply and Demand

 Elasticity and its Applications

 Business Cycle

 Market Failure: Externalities & Market Power

 Efficiency and Equality

 Inflation and Unemployment

 Productivity

 Firm Revenues, Costs and Profit

The following websites will be useful to you as you search for topics for your work and stay on top of current economic issues. Websites: BBC (Economy section) − http://www.bbc.com/news/business/economy Wall Street Journal − www.wsj.com The Economist − www.economist.com Financial Times − www.ft.com Reuters − https://www.reuters.com/ Khaleej Times − https://www.khaleejtimes.com Gulf News (Economy section) − http://gulfnews.com/business/economy Arab News (Economy section) − www.arabnews.com/economy Gulf Business − http://www.gulfbusiness.com Arabian Business − http://www.arabianbusiness.com/gcc/saudi-arabia/ International Monetary Fund (IMF) − www.imf.org World Bank − www.worldbank.org Guidelines for the Assignment:

 In the first short paragraph you might outline the main points from the article that you are planning to analyze. You should identify the key economic issue(s) discussed in the article. Do not summarize the article.

2

 Using the tools (including graphs) and terminology learned in this course to explain the economics “behind” the article. Most news articles rarely, if ever, mention the terms or models we discuss in class even though economics is often very relevant to the article’s subject matter. The article simply describes something

that is happening in the world. This is your opportunity to “think like an economist” to show how economic analysis can inform our understanding of the issue discussed in the article.

 The following are key areas to discuss and you can organize your essay around these areas:

 Overview: brief overview of the economic news that is the focus of your essay;

 Economic problem/issue definition – what is the problem that the news you are studying is trying to address?

 Recommendations – what are your recommendations/suggestions to address this problem?

 The length of the essay should be between 800 to 1000 words (a word count should appear at the end of the analysis). Marks will be deducted for late submission. The analysis should be typewritten, although you can neatly hand draw any graphs that you might need for your analysis. Carefully proofread for spelling and grammatical errors. You must attach a copy of your news article to your analysis.

 The University has very strict rules concerning plagiarism. If you use any other person's work, words, or ideas, please cite and acknowledge the sources. Submission of work from another person, whether it is from printed sources or someone other than the student; previously graded papers; papers submitted without proper citations; or submitting the same paper to multiple courses without the knowledge of all instructors involved can result in a failing grade. Severe cases will be reported to university officials for appropriate sanctions.

 You are encouraged to discuss with me in case your assignment need to be further refined.

 Your assignment will be graded on the quality of your analysis and the effectiveness with which you communicate your ideas.