Explain economic principles and their applications in the real world

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Assignment 1: Economic Brief This assignment 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 assignment, 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, Assignment 1 Template, Strayer Writing Standards (SWS) 1. Review an example brief. Industry Selection Use this resource to select an industry and learn about the products and services it provides: • NAICS (North American Industry Classification System) o Select the number next to the industry to see its subsectors, e.g., select 52 to see Finance and Insurance. o 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 use the resource above to develop an economic brief that is two to three (2-3) pages long in which you: 1. 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. 2. Identify this industry’s market structure and at least two or more market characteristics that support this market structure. (Market structures are covered in Weeks 3 and 4.) 3. 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 in Weeks 2 through 4.) 4. 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 in Weeks 2 and 4.) • This course requires use of Strayer Writing Standards (SWS). o Your brief should include a cover page. o Your brief should be two to three (2-3) pages in length (not including the cover page), double-spaced, 12-point font. o Your brief should include a minimum of one (1) reference/citation in the text.