Homework: Economic Brief
This homework is aligned to these course outcomes:
• 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 homework, write a brief about economic concepts in an industry that interests you.
An example economic brief, template, and resources are provided below.
Example Economic Brief, Homework 1 Template, Strayer Writing Standards (SWS)
• Review an example brief.
• Use the optional template to help you get started.
• Get familiar with the Strayer Writing Standards (SWS). (See Instructions below.)
Industry Selection
Use this resource to select an industry and learn about the products and services it provides:
NAICS (North American Industry Classification System)
• Select the number next to the industry to see its subsectors, e.g., select 52 to see Finance and Insurance.
• Select that same number again to read about the industry as a whole or select a sub-category. For example, Mining is 21, and Oil and Gas Extraction, a sub-category, is 211.
Instructions
Review your previous chapter readings and use the resource above to develop an economic brief that is 2 to 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.)
• 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.)
• How might government impact this industry's market prices, output, and/or market structure? (Government intervention through price controls, industry regulations, and antitrust enforcement is covered.)
Format your homework according to the give formatting requirements:
• The answer must be using Times New Roman font (size 12), double spaced, typed, with one-inch margins on all sides.
• The response also includes a cover page containing the student's name, the title of the homework, the course title, and the date. The cover page is not included in the required page length.
• Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.