Assignment 1

Due Week 6, worth 150 points

This assignment is aligned to these course outcomes:

Write 3-4 pages

• 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.

You may discuss each item separately for me to easily identify the questions that you are answering. By doing so, use the item as a paragraph sub-title followed by your response to the question. For example, when you discuss item #1, 2, 3, 4, the sub-title may be:

1 The industry and the goods and/or services

2 The industry’s market structure

3 Notable microeconomic relationships, market outcomes, and/or trends in the industry

4 Government impact on this industry’s market prices, output, and/or market structure