Assignment: The Key Concepts in Economics

Write a three to four page paper in which you:

1. Identify at least four key points of a relevant economic article from either the Strayer Library or a newspaper. The article must deal with any course concepts covered in Weeks 1-8.

2. Apply one 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 quality resources in this assignment with one 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.
• Write clearly and concisely about principles of economics using proper writing mechanics.

This is what chapters 1-8 covered ...

1 Introduction: What Is Economics? 1

2 The Key Principles of Economics 28(opportunity cost, marginal principle, principle of voluntary exchange, principle of diminishing returns, real-nominal principle)

3 Demand, Supply, and Market Equilibrium 49

4 Elasticity: A Measure of ¬Responsiveness 79

5 Production Technology and Cost 109

6 Perfect Competition 131

7 Monopoly and Price Discrimination 157

8 Market Entry, Monopolistic Competition, and Oligopoly 177