Applying economic concepts: Real World Examples For this assignment you will find a news article (not a blog, not Wikip
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Applying economic concepts: Real World Examples
For this assignment you will find a news article (not a blog, not Wikipedia, not an opinion article, a news article) that describes a change in supply, demand, or both in a real-world market. The learning objective is to understand how supply and demand impacts markets and prices. You will also need to include other economic terms that have been covered during the course that are relevant to the article(s) selected by you.
Begin by reviewing chapter 4 again from the text book and the following guide that contains Graphs A,B,C and D as well as any chapter that is relevant to the article(s) you chose
Start by:
- Find one or two news articles from the Internet that illustrate a shift in supply and/or demand. The article(s) need to illustrate at least two of the four graphs. This may require two articles. The article(s) must be recent (within the last six months) and MUST NOT be from an encyclopedia or reference website that discusses demand and supply.
- DO NOT use blogs.
- The best news articles are about changes in the price and/or sales of a particular product. Or about the changes in the costs of production or of inputs that impact the supply curve. Do not select articles that self-imply the graph in the title.
- You then have the opportunity to demonstrate your understanding of supply and demand shifts as you explain the changes in price and quantity experienced by the product you choose as well as any other economic terms that may be relevant to your article(s).
- RECOMMENDATION: READ THE SAMPLE PROJECT: Under the Getting Started link
Assignment:
- Summarize the article(s). Do not quote the article(s) but explain it as if you were telling someone about it. If you do use a direct quote or paraphrase, remember that citations and references are required. If you use more than one article, then citations are required.
- Explain which graphs in the collection – A, B, C, or D – illustrates the shift that you identify by describing the change in price and the change in equilibrium quantity. Remember to illustrate the shifts shown in at least two of the four graphs.
- You will also need to include any other economic term(s) that have been covered during the course that is relevant to the article(s) that you chose. Some of these terms may be cost of opportunity, scarcity, incentives, comparative advantage, price controls, externalities, public goods, common resources, monopolies, oligopolies, among many others that you have learned during this course.
- Do use paragraphs in your post. And do remain focused on what is in the article.
- Provide a full URL link to the article(s) along with an APA-formatted reference to the article(s) at the bottom of your submission.
- This is a Microeconomic course. Do not choose an article discussing Macroeconomic issues: Inflation, unemployment, trade deficit, government budget deficit, etc.
- To receive full credit, your submission must be at least at least 750 words long, excluding the reference and the article link information.
- Include word count at the end.
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