Podcast Report

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ECON 201

Fall 2019

Podcast Report Assignment

Length: 1-2 pages

Marketplace

https://www.marketplace.org/shows/marketplace/

Marketplace Morning Report

https://www.marketplace.org/shows/marketplace-morning-report/

Choose a story to write about. There are 100s of stories that you can select. Select the one that is most relevant to the course material we’re covering at the time and the one that interests you the most. You’ll have to spend some time listening to the stories. They are all relatively short (about 5-7 minutes each). If you select a story that another student has also selected I will read your answers carefully to check to see that 1 student didn’t do the work of 2. While there is no way of knowing that another student chose a story, so long as you answer in your own words and on your own that is what I am looking for.

Your assignment should be structured in this way:

A. Name of Story and Date of Broadcast

1. Explain its relevance to the course material.

2. Use a graph to interpret and explain the story OR

3. Use an economic concept(s) to explain the story.

Assignment Example: Marketplace News Stories

(Since the story below is used in this example you cannot select it for your own assignment)

This example should be used as a model for your answer. Your answer probably won’t be as detailed but do the best you can to incorporate as much economics content and techniques (graphing) into the answer as you can.

Name of story and Date of Broadcast:

“Are U.S. trade tensions slowing the global economy?” Marketplace Morning Report

June 10, 2019

Time stamp: 0:35-2:15

Relevance to Course Material:

This story discusses the effect of a tariff on the economy. Tariffs have an effect on a product (e.g. Chinese steel) and related products (e.g. U.S. steel). Tariffs in general have an effect on the entire economy as well.

Concept #1: Tariffs

What is a tariff? A tariff is a type of tax placed on foreign goods imported into a country. It raises the price of the product. It is intended to make domestic goods more competitive in order to bring about a substitution effect on the part of consumers.

Graphing examples:

Suppose tariffs are imposed on Chinese steel exported to the U.S. Draw a graph of the effect of the tariff on (1) Chinese and (2) U.S. steel sold in the U.S.

Chinese Steel: The tariff increases the cost of producing Chinese steel which reduces supply and increases the price in equilibrium. As a result less steel will be sold in the U.S..

Supply2

Price

P2 Supply1

Demand

Q2 Q1 Quantity

U.S. Steel: Nothing directly happened to the U.S. steel market. But the price of a substitute good (Chinese steel) increased. As a result U.S. businesses will buy more U.S. steel. Demand will rise, as will the price and quantity sold in equilibrium.

Supply

P1 Demand2

Demand1

Q1 Q2 Quantity

In addition to tariffs on individual products like steel, what other reason was given for why tariffs are depressing economic growth?

Concept #2: Uncertainty

Economic uncertainty is causing U.S. businesses to cut back on investment. Globally business investors are also reluctant to invest given the uncertainty over the trade hostility between major countries in the world. As a result global economic growth will slow down.

Grading Rubric

Points	Clarity of Writing and Explanation	Use of Economic Concepts	Graphing Ability
27-30	Excellent, clear writing and editing, using own words (did not copy explanations, definitions, graphs from other sources)	Concepts selected were relevant to the story. Excellent explanation of concept. Clear example(s) of the use of the concept in the story.	Excellent ability to translate the story into a picture of the economy. All parts of the graph were labeled correctly.
24-26	Mostly clear writing and editing, using own words (did not copy explanations, definitions, graphs from other sources).	Concepts selected were at least partially relevant to the story. Satisfactory explanation of concept. Clear example(s) of the use of the concept in the story.	Sound ability to translate the story into a picture of the economy. Most parts of the graph were labeled correctly.
21-23	Not always clearly written with minimal attempt to edit, mostly used own words (did not copy explanations, definitions, graphs from other sources).	Concepts selected were at not always relevant to the story. Good but sometimes confusing explanation of concept. Little attempt to explain how the concept was used in the story.	Made an attempt to translate the story into a picture of the economy. Most parts of the graph were labeled correctly.
18-20	Not clearly written with minimal attempt to edit, used own words but also inserted some explanations, definitions, graphs from other sources.	Weak discussion of concepts and/or confusing explanation of concept. Very little attempt to explain how the concept was used in the story.	Made little attempt to translate the story into a picture of the economy. Most parts of the graph were not labeled or labeled incorrectly.
0-17	Not clearly written with no obvious attempt to edit; mostly inserted explanations, definitions, graphs from other sources.	No substantial discussion of concepts and/or confusing explanation of concept. No attempt to explain how the concept was used in the story.	Weak attempt to translate the story into a picture of the economy. If present, most parts of the graph were not labeled or labeled incorrectly.