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Assignment: The Key Concepts in Economics
  • From Economics, General Economics
  • Due on 22 Nov, 2015 04:27:00
  • Asked On 17 Nov, 2015 10:30:11
  • Due date has already passed, but you can still post solutions.
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Assignment: The Key Concepts in Economics

Due Week 8 and worth 175 points

Write a three to four (3-4) page paper in which you:

  1. Identify at least four (4) key points of a relevant economic article from either the Library or a newspaper. The article must deal with any course concepts covered in Weeks 1-8.
  2. Apply one (1) of the following economic concepts (supply, demand, market structures, elasticity, costs of production, GDP, Unemployment, inflation, aggregate demand, and aggregate supply) to the key points that you highlighted in Question 1.
  3. Explain how the concept that you identified in Question 2 could affect the U.S. economy.
  4. In your concluding paragraph, state whether you agree or disagree with the economic article identified in Question 1. Provide a rationale for the response.
  5. Use at least three (3) quality resources in this assignment with one (1) being your article.

Your assignment must follow these formatting requirements:

  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

  • Analyze the dynamics of supply and demand to anticipate market equilibrium.
  • Analyze the elasticity of demand and supply and its importance, and the effect of taxes or other public policies.
  • Describe the impact of various forms of competition on business operations with emphasis on perfect competition.
  • Use technology and information resources to research issues in principles of economics.\
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Assignment: The Key Concepts in Economics
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  • Submitted On 18 Nov, 2015 10:23:38
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Assignment: The Key Concepts in Economics Apply one (1) of the following economic concepts (supply, demand, market structures, elasticity, costs of production, GDP, Une...
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Assignment: The Key Concepts in Economics
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  • Submitted On 18 Nov, 2015 05:29:25
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Assignment: The Key Concepts i...
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Assignment: The Key Concepts in Economics
  • This Solution has been Purchased 1 time
  • Submitted On 19 Nov, 2015 05:30:31
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ARTICLE LINK USED http://www.economist.com/blogs/freeexchange/2015/05/american-economy Answer – The U.S economy has shown many signs of positive growth and development since last five years. As we know that U.S was suffering from recession in 2007-08, thereafter the economy went almost into a slump. The broadest measure of economic growth – GDP growth rate also fell at a very lowest point by 1% and came down to around 2.9% last year. It was the largest drop ever measured in the economic growth since World War II. If we compare the current economic statistics like interest rate, inflation and unemployment rates with that of the five years ago figures, we will be able to measure the main changes that happened in these five years. It has been found that the Fed interest rate was around 0% to 0.25% in 2010 which remains almost same in 2015 as well. It is the rate which banks charge with one another for one day. It has been decided by the market, that is, supply and demand of money in the market. The basic reason for not changing the interest rate by Fed is that the economy needs maximum level of spending to boost the aggregate demand. If there will be hike in the interest rates, then the spending would be reduced leading to fall in the overall GDP of the economy. (BLS, CONSUMER PRICE INDEX – JANUARY 2015) Other key statistic is the inflation rate which represents the rise in the general price level in the economy. In 2010...
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