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Apply microeconomic and macroeconomic concepts to current and personal economic events and decisions

This assignment is aligned to course outcome 3 and its enabling learning objectives:

Apply microeconomic and macroeconomic concepts to current and personal economic events and decisions. a. Apply the economic principles to a specific industry b. Describe goods and/or services provided by a specific industry c. Describe how government decisions can impact market outcomes for a specific industry d. Recognize trends for this industry and determine where you feel it may be headed

In addition to writing about economic concepts, it’s equally important to be able to convey your understanding of economic concepts by communicating them to others. For this assignment, you’ll take the role of a project team leader. As project team leader, you’ve been tasked by your manager to help your work team get up to speed on the principles of economics so all of you can begin to incorporate these principles into your upcoming consulting work with a new client.

This Final Report assignment will build off of your previous Economic Briefs and selected industry. You can choose to create a PowerPoint slide deck (approximately 8–10 slides) or a Word document (approximately 3 pages) as your Final Report.

For this assignment, you’ll expand on the industry that you previously selected and apply at least 3 of the 10 Principles of Economics we’ve covered in class: • Markets Are Usually a Good Way to Organize Economic Activity • A Country’s Standard of Living Depends on Its Ability to Produce Goods and Services • Society Faces a Short-Run Trade-Off Between Inflation and Unemployment • Trade Can Make Everyone Better Off • Government Can Sometimes Improve Market Outcomes • Prices Rise When the Government Prints Too Much Money • People Face Trade-Offs • The Cost of Something is What You Give Up to Get It • Rational People Think at the Margin • People Respond to Incentives

Industry Background Resources These resources are available to help you: • Industries at a Glance

• Mergent Online Help Video on Mergent Industry Reports

• Business Source Complete United States Industry Profiles

• Flipster Online Magazines Scroll through to view these recommendations: Bloomberg Businessweek and Fast Company

ECO 100 – Principles of Economics
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Preparation 1. To begin this assignment, recall the industry you selected in assignments 1 and 2. 2. Next, identify at least three principles that apply from the list above to expand upon your selected industry. 3. It will be important to review the industry background resources, The Little Book of Economics, OpenStax: Principles of Macroeconomics, and Principles of Microeconomics chapter readings, and your prior discussion board questions and responses.

Instructions Create a PowerPoint slide deck (at least 8 slides) or a Word document (at least 3 pages) as your Final Report. Consider the following items to include in your report: 1. Describe the background on the industry you are highlighting and the type of goods and/or services this industry provides. 2. Apply at least three economic principles from the previous list to your industry and explain their impact on the economic concepts covered in the course (e.g., trade, government decisions, unemployment, supply/demand, etc.). 3. Describe how government decisions impact market outcomes for this industry. 4. Describe where you see this industry headed based on a current event. 5. Select a visual that shows trends for this industry (e.g., an existing chart, graph, or diagram). 6. Make a recommendation: If you were advising your client in this industry, would you recommend continuing to produce this good or service? 7. Follow Strayer Writing Standards. Note: You’ll be prompted to enter your Blackboard login to view. Your final report should be at least 8 slides or 3 pages in length.

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