16 Aug Explain economic principles and their applications in the real world.
- 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.
I have selected from NAICS Search Retail Trade is 448 Clothing and Clothing Accessories Stores
Instructions
Review your previous chapter readings and use the resource above to develop an economic brief that is two to three (2-3) pages long in which you:
- Select an industry and describe the goods and/or services this industry produces. Use the NAICS resource above to help you select an industry (and/or subsector) for your brief.
- Identify this industry’s market structure and at least two or more market characteristics that support this market structure. (Market structures are covered in Weeks 3 and 4.)
- Describe any notable microeconomic relationships, market outcomes, and/or trends in this industry. Include a graph, chart, or table containing related data. (Microeconomic relationships and market outcomes are covered in Weeks 2 through 4.)
- How might government impact this industry’s market prices, output, and/or market structure? (Government intervention through price controls, industry regulations, and antitrust enforcement .
- Your brief should include a cover page.
- Your brief should be two to three (2-3) pages in length (not including the cover page), double-spaced, 12-point font.
- Your brief should include a minimum of one (1) reference/citation in the text.
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