Thread Prompt: In this module/week’s forum, you must find an article containing material that is
relevant to microeconomics, clearly link your article to material from the textbook, then compose a
thread discussing the topic per the instructions below. The article you choose along with the textbook
must be referenced in current APA format. Acceptable research sources for your articles include
periodicals, journals, newspapers, and magazines. Sources such as Wikipedia, About.com, book
reviews, and blogs are prohibited. You may complete the required research using the Jerry Falwell
Library
website or by searching the internet for news sources.
In the opening paragraph, provide a summary of the article.
In the second paragraph, explain an economic idea contained in the story. Specifically, refer to
material from the textbook, including the page number, and note how the economic idea plays
a prominent role in the story.
In the third paragraph, explain what you think about the events in the story. You do not have to
agree with what is going on, but you do need to provide your reaction to it. This is your chance
to express yourself: what are your opinions? Be sure to defend your position.
Finally, what do you think is a Christian response to this situation? Provide details to support
your view (in other words, do not just say “Christians wouldn’t act the same way as
economists”).
Be sure to title your thread according to your topic
I LIKED THIS TOPIC AND WROTE ABOUT IT BEFORE...HERE IS AN ARTICLE I WAS
THINKING OF USING :Ten Facts about COVID-19 and the U.S. Economy (brookings.edu)
SOME READINGS FROM THIS WEEK INCLUDED THIS LINK: Externalities (liberty.edu)
externalities
present a
challenge
to
society
because
it
is
difficult
to
make
consumers
and
producers
take
responsibility
for
the
full
costs
of their
actions.
For
example,
drivers
typically
consider
only
the
internal
costs
(their
own
costs)
of
reaching
their
destination.
Likewise,
manufacturers
generally
prefer
to
ignore
the
pollution
they
create,
because
addressing
the
problem
would
raise
their costs
without
providing
them
with
significant
direct
benefits.
@
In
general,
society
would
benefit
if
all
consumers
and
producers
considered
both
the
internal
and
external
costs
of
their actions.
Because
this
expectation
is
not
reasonable,
governments
design
policies
that
create
incentives
for
firms
and
people
to
limit
the
amount
of
pollution
they
emit.
An
effort
by
the
city
government
of
Washington,
D.C.,
shows
the
potential
power
of
this
approach.
Like
many
communities
throughout
the
United
States,
the
city
instituted
a
5-cent
tax
on
every
plastic
bag
a
consumer
picks
up
at
a
store.
While
5
cents
may
not
sound
like
much
of
a
disincentive,
shoppers
have
responded
by
switching
to
cloth
bags
or
reusing
plastic
ones.
In
Washington,
D.C.,
the
number
of
plastic
bags
used
every
month
fell
from
22.5
million
in
2009
to
9
million
in
2014,
significantly
reducing
the
amount
of
plastic
waste
entering
landfills
in
the
process.
Not
all
externalities
are
negative,
however.
Positive
externalities
also
exist.
For
instance,
education
creates
a
large
positive
externality
for
society
beyond
the
benefits
to
individual
students, teachers,
and
support
staff.
A more
knowledgeable
workforce
benefits
employers
What
Are
Externalities,
and
How
Do
They
Affect
Markets?
We
have
seen
that
buyers
and
sellers
benefit
from
trade.
But
what
about
the
effects
that
trade
might
have
on
bystanders?
Externalities,
or
the
costs
and
benefits
of
a market
activity
that
affect
a
third
party,
often
lead
to
undesirable
consequences.
Market
failure
occurs
when
there
is
an
inefficient
allocation
of
resources
in
a
market.
Externalities
are
a
type
of
market
failure.
For
example,
in
2010,
an
offshore
oil
rig
in
the
Gulf
of
Mexico
operated
by
British
Petroleum
(BP)
exploded,
causing
millions
of
barrels
of
oil
to
spill
into
the
water
and
resulting
in
over
$40
billion
in
damage.
Even though
both BP
and
its
customers
benefit
from
the
production
of
oil,
others
along
the
Gulf
Coast
had
their
lives
severely
disrupted. Industries
dependent
on
high
environmental
quality,
like
tourism
and
fishing,
were
hit
particularly
hard
by
the
costs
of
the
spill.
For
a
market
to
work
as
efficiently
as
possible,
two
things
must
happen.
First,
each
participant
must
be
able
to
evaluate
the
internal
costs
of
participation—the
costs
that
only
the
individual
participant
pays.
For
example,
when
we
choose
to
drive
somewhere,
we
typically
consider
our
internal
(also
known
as
personal)
costs—the
time
it
takes
to
reach
our
destination,
the
amount
we
pay
for
gasoline,
and
what
we
pay
for
routine
vehicle
maintenance.
Second,
for
a
market
to
work
efficiently,
the
external
costs
must
also
be
paid.
External
costs
are the
costs
of
a
market
activity
imposed
on
people
who
are
not
participants
in
that
market.
In
the
case
of
driving,
the
congestion
and
pollution
that
our
cars
create
are
external
costs.
Economists
define
social
costs
as
the
sum
of
the
internal
costs
and
external
costs
of
a
market
activity.
In
this
section,
we
consider
some
of
the
mechanisms
that
encourage
consumers
and
producers
to
account
for
the
social
costs
of
their
actions.
The
Third-Party
Problem
An
externality
exists
whenever
a
private
cost
(or
benefit)
diverges
from
a
social
cost
(or
benefit).
For
example,
manufacturers
who
make
vehicles
and consumers
who
purchase
them
benefit
from
the
transaction,
but
making
and
using
those
vehicles
lead
to
externalities—including
air
pollution
and
traffic
congestion—that
adversely
affect
others.
A
third-party
problem
occurs
when
those
not
directly
involved
in
a market
activity
experience
negative
or
positive
externalities.
If
a
third
party
is
adversely
affected,
the
externality
is
negative.
For
example,
a
negative
externality
occurs
when
the
number
of
vehicles
on
the
roads
causes
air
pollution.
Negative
Discussion Board Forums 2–3 Grading Rubric: ECON213
Criteria
Levels of Achievement
Content
70%
Advanced 90-100%
Proficient 70-89%
Developing 1-69%
Not present
Thread:
Key
Components
18 to 20 points
All key components of the
(Group) Discussion Board
Forum prompt are answered in
the thread.
14 to 17 points
Most of the components of
the Group Discussion Board
Forum prompt are answered
in the thread.
1 to 13 points
The Group Discussion Board
Forum prompt are addressed
minimally.
0 points
Not present
Thread:
Content
23 to 25 points
The article chosen is
appropriate. The economic
topic is clearly stated, linked to
the textbook, and connects to
the article. The thread has a
clear, logical flow. Major
points are supported by
thoughtful analysis.
18 to 22 points
The article choice is
appropriate. The link
between the article, and the
economic topic is weakly
supported. The thread has a
logical flow. Major points are
stated reasonably well. The
textbook is referenced, and
analysis exists, but is not
applied correctly.
1 to 17 points
The article is inappropriate.
The economic topic is not
germane to the article. No
link is made to the textbook
material. The thread lacks
flow or content. Major points
are unclear or confusing.
Major points are not
supported by thoughtful
analysis.
0 points
Not present
Replies:
Content
8.1 to 9 points
Two replies are provided. At
least one reply is to a different
topic than the thread. Major
points are supported by sound
logic and thoughtful analysis.
6.3 to 8.0 points
The reply has a logical flow.
Major points are stated
reasonably well. Analysis
exists, but it is not well
reasoned. Content borders on
inconsequential.
1 to 6.2 points
The reply lacks flow or
content. Major points are
unclear or confusing. Major
points are not supported by
sound reasoning. Nothing is
added to the original thread.
0 points
Not present
Structure
30%
Advanced 90-100%
Proficient 70-89%
Developing 1-69%
Not present
Thread:
Grammar,
9 to 10 points
7 to 8 points
Spelling and grammar has
some errors. Sentences are
1 to 6 points
Spelling and grammar errors
distract. Sentences are
0 points
Not present
Spelling, and
Citations
Spelling and grammar are
correct. Sentences are
complete, clear, and concise.
Paragraphs contain
appropriately varied sentence
structures. Where appropriate
sources are cited properly.
presented as mainly well
constructed. Paragraphs
contain some varied sentence
structures. Where applicable,
references are cited with
primarily proper formatting.
incomplete or unclear.
Paragraphs are poorly formed.
Where applicable, references
are minimally or not cited in
acceptable format.
Thread:
Word Count
4.5 to 5 points
Minimum word count of 300
words is met or exceeded.
3.5 to 4.4 points
Word count between 250 and
300 words.
1 to 3.4 points
Minimum word count of 1-99
words met.
0 points
Not present
Replies:
Grammar and
Spelling
3 points
Spelling and grammar are
correct. Sentences are
complete, clear, and concise.
2 points
Spelling and grammar has
some errors. Sentences are
presented as mainly well
constructed. Paragraphs
contain some varied sentence
structures.
1 point
Spelling and grammar errors
distract. Sentences are
incomplete or unclear.
Paragraphs are poorly formed.
0 points
Not present
Replies:
Word Count
3 points
Minimum word count of 100
words met for both replies.
2 points
Word count between 75 and
100 words for both or one
reply.
1 point
One reply missing entirely or
word count below 75 for
posted replies.
0 points
Not present
ECON 213
DISCUSSION BOARD FORUM INSTRUCTIONS
You are required to complete 3 Discussion Board Forums throughout this course. For each you
will find an article containing material that is relevant to microeconomics, clearly link your
article to material from the textbook, then compose a thread discussing the topic per the
instructions below, and reply to the threads of at least two classmates. The article you choose
along with the textbook must be referenced in current APA format. Replies do not require a
source, but must contain considered and thoughtful content. Acceptable research sources for your
articles include periodicals, journals, newspapers, and magazines. Sources such as Wikipedia,
About.com, book reviews, and blogs are prohibited. You may complete the required research
using the Jerry Falwell Library website or by searching the internet for news sources. For
additional assistance, please visit the Online Students page.
In each thread and reply, you must demonstrate a fundamental understanding of the economic
theory and outside research for the topic at hand. You must also adhere to current APA format.
Each thread must be at least 300 words. For each thread, you must find a relevant article. Use
the following guidelines when composing your thread:
In the opening paragraph, provide a summary of the article.
In the second paragraph, explain an economic idea contained in the story. Specifically,
refer to material from the textbook, including the page number, and note how the
economic idea plays a prominent role in the story.
In the third paragraph, explain what you think about the events in the story. You do not
have to agree with what is going on, but you do need to provide your reaction to it. This
is your chance to express yourself: what are your opinions? Be sure to defend yourself.
Finally, what do you think is a Christian response to this situation? Provide details to
support your view.
Be sure to title your thread according to your topic.
Each reply must be at least 100 words. At least one of your replies must cover a topic that
differs significantly from the one you discuss in your thread. You must make substantive
comments about your classmates’ threads. Just saying “I agree” in one form or another is not
acceptable. A good reply might include a question of clarification, a question that is relevant to
the topic but was not discussed, a counterpoint to the author’s points, or a well-supported
disagreement. Be sure to keep your replies civil.
Each thread is due by 11:59 p.m. (ET) on Friday of the assigned module/week, and replies are
due by 11:59 p.m. (ET) on Monday of the same module/week.
1
Economic Effects of Covid-19
Economic Effects of Covid-19
Name
Institution
Course
Course instructor
Date
2
Economic Effects of Covid-19
Economic Effects of Covid-19
An externality is an effect of trade to a third party that is mostly considered a market
failure. The Covid-19 pandemic has not only caused a public health crisis but also an economic
one. An article on Ten Facts about Covid-19 and the U.S. Economy addresses the effects of
the pandemic on the economy (Bauer et al,2020). The effects of the pandemic are not only felt
by manufacturers, retailers, wholesalers, and consumers but also by everybody not only in the
United States but also all over the world. The economy of the nation has suffered greatly due
to lockdown and social distancing measures. Covid-19 has led to a decline in the GDP, massive
loss of employment, a drop in national industrial production, and hence an economic and
financial shock.
Covid-19 brought about an economic, financial, demand, and supply shock. Due to
lockdown and social distancing measures, the economy’s capacity to produce goods and
services was affected especially in industrial production sectors where jobs could not be done
remotely. This led to the loss of employment by a lot of the employees working in the industrial
production sectors. As a result, the national GDP decline by 9.1% by the second quarter of
2020 (Bauer et al,2020). The retail sales also declined but there was a significant increase in
demand for grocery, pharmacies, and non-store retailers. Covid-19 is a form of externality
whose effects are been felt by manufacturers, retailers, wholesalers, and third parties (Coppock
& Mateer, 2017). The pandemic negatively affected the economy and finances of everyone in
the nation.
Covid-19 is not only a public health problem but its effects are felt in all aspects of
life. I agree that the pandemic has had negative impacts on the economy especially due to the
loss of jobs, decline in production, and demand and supply shock. A lot of jobs that would be
3
Economic Effects of Covid-19
done remotely shifted to technology and adopted new ways of working. However, for
employees who would not work from home, they had to lose their job. The hospitality industry
has been hit hard and a majority of the hotels closed down. Unlike other financial crises, Covid-
19 is hard to overcome since it involves the health of the people.
The government put up measures like lockdown and social distancing that had to
be observed by everybody. Christians have responded to the situation like everybody else.
Social gatherings were banned and therefore there was no going to places of worship. This
being a pandemic that affects everybody, the Christian response has been to follow the
guidelines and keep safe just like everybody else. Covid-19 has not only caused a public health
crisis but also caused the financial and economic crisis that the nation and the world are yet to
recover from.
4
Economic Effects of Covid-19
References
Bauer Lauren, Broady Kristen, Edelberg Wendy & O'Donnell Jimmy (September 2020). Ten
Facts about COVID-19 and the U.S. Economy. Brookings. Accessed on 30 November 2020,
from https://www.brookings.edu/research/ten-facts-about-covid-19-and-the-u-s-economy/.
Coppock, L., & Mateer, D. (2017). Principles of microeconomic; Christian Economics
Edition. WW Norton.
