Economics Homework

GB540 Unit 1 Assignment Rubric

Content and Analysis Points

Possible Points Earned

Problem # 1

 Graph or table to illustrate a production possibilities curve

 Meaningful description of a variety of different points on the curve.

 Explanation of what would make the curve expand or contract.

 Explanation of why efficiency is lost at the extremes, (i.e., substantially

more of one good and very little of another is produced).

12

Problem # 2

 Comprehensive discussion of the availability of natural diamonds as a component of supply in a competitive market and how it influences price.

 Comprehensive discussion the demand for natural diamonds in a competitive market and how it influences the price.

 Description of what would happen if an outside agency determined the

prices eBay could charge.

12

Problem # 3

 Introduction and Conclusion

 Social problem identified where free markets are not allowed to function.

 Description of how free market features could be introduced to help alleviate the problem.

 Two pages in length

4

4

12

4

Writing Style, Grammar, APA Format 12

Total 60