Economic Principles – Microeconomics

 

Instructions

Review your chapter readings and use the resources provided to  develop a 2–3 page paper on Economic Principles – Microeconomics in  which you:

1. Choose an industry that interests you.  (Remember, an industry is not a company. An industry is a group of  companies doing the same thing. Ford is a company. Automobile  manufacturing is an industry.)
2. Do research on your industry. In a few short paragraphs, describe your selected industry:        
   • Be sure to write in your own words.
   • Identify some of the major companies in this industry.
   • Identify the goods, and/or services this industry produces.
   • Add anything else about the industry that you think is interesting.
   • Keep track of your sources by copying  their Internet addresses (URLs). You can paste these URLs at the end of  your paper as your references.
3. Describe a microeconomic variable for your  industry. Microeconomic variables include prices, sales, production,  advertising, investment, and so on.
4. Include a graph, chart, or table showing this microeconomic variable over time.        
   • You do not need to create this graph,  chart, or table. Find one that has already been created and paste it  into your paper. For example, if your industry is U.S. automobile  manufacturing, Google, “U.S. automobile manufacturing over time.” Select  the “images” option. Choose one of the graphs, charts, or tables. Then  copy and paste it into your paper.
   • Include a reference to the source of the  graph, chart, or table. Microeconomic relationships and market outcomes  are covered in Weeks 2–4.
5. Describe one way the government might impact  this industry. Examples might include price controls, regulations,  taxes, or any other way you can think of.        
   • Government intervention through price controls, regulations, taxes, and antitrust enforcement were covered in Weeks 2 and 4.

This course requires the use of Strayer Writing Standards. For  assistance and information, please refer to the Strayer Writing  Standards link in the left-hand menu of your course. Check with your  professor for any additional instructions.

Resources to Complete the Assignment

• Statista.

The specific course learning outcome associated with this assignment is:

• Explain economic principles and their applications in the real world.