Economic Principles-Microeconomics

In this assignment, you will develop a paper in which you select an industry that interests you, describe that industry, and explain how government might impact the industry.

An Example Economic Paper and Economic Paper Template are provided below for this assignment.

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. Visit the Census Bureau (NAICS) website and select an industry that has a description. Some of the smaller industries are named, but not described.
    • The industry could be broad, such as industry 11 Agriculture, Forestry, Fishing, and Hunting, or it could be narrow, such as industry 112112 Cattle Feedlots.
      • The more digits in the industry label, the narrower the industry.
  2. In a few short paragraphs, describe your selected industry using the industry description at the NAICS website.
    • Be sure to write in your own words. Don’t just copy and paste the NAICS text.
    • Identify some of the major companies in this industry
    • Identify the goods, and/or services this industry produces. Use the information from the NAICS website. You can supplement this information with what you find in a separate Google search.
  3. Describe a microeconomic variable for your industry. Microeconomic variables include prices, sales, production, advertising, investment, etc.
  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.
  6. 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

The specific course learning outcome associated with this assignment is:

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