ILOs Understand the general nature, purposes, and techniques of literature with a sense of its relationship to life and culture. Recognize a representative selection of literary works by major writers….
Objectives: To identify key economic issues in real world scenarios affecting individuals, households, and firms
In this assignment, you will apply your economics knowledge to explain and interpret a recently published economics article. You will research and select one article published within the past year that discusses an economics issue from a list provided and explain the economics of the article. The article may be obtained from a major business or economics journal, magazine, or newspaper (The Economist, Wall Street Journal, Businessweek, Times, Fortune, etc.). Using your own words as much as possible, explain the main points being made by the article’s author, the economic principles used by the author to support his/her argument, and the implications of the story. To do this, you will be applying some of the key economics concepts you have learned in the course to explain the meaning and relevance of the economics story to individuals, firms, and/or industry.
To identify key economic issues in real world scenarios affecting individuals, households, and firms.
To apply the appropriate economic concepts and principles to understand, explain, and interpret the decisions made and actions taken by the main economic agents.
To evaluate and reflect on the implications of changes in economic conditions on the behavior and decisions of households and firms.
Hutchinson, E. (2017). Principles of microeconomics. University of Victoria. <link is hidden> />
Recently published Business/Economic journal articles from Yorkville University Library or other academically credible online source.
Major Topics Covered
Supply, demand, and equilibrium market price
Specialization and trade
Production in the short and long run periods
Monopoly, cartels, and price discrimination
Another topic related to microeconomics
Avoid topics related to macroeconomics. These topics include unemployment, inflation, trade policy, national income/GDP, income inequality, poverty, etc.
Good microeconomic topics often focus on decisions of firms (production costs, market supply and demand, competition, etc.) and decisions of individuals (opportunity costs, demand for products, consumer behaviour, etc.
Instructions and Requirements
Your topic must align closely with one of the topics listed above. Papers submitted on topics outside this list will not receive credit.
The Paper comprises the following required elements:
A. Cover Page. On your Cover Page, clearly state the economic topic you will be discussing from the list above and its number. Example, Topic 7: Monopolies, cartels and price discrimination.
Below the economic topic, state the name of the article, date published, author and publication name. Example, “Public outcry over variable pricing schemes in Canada’s public transportation”, Jeff Hendriks, The Canadian Transporter Magazine, March 10, 2019.
Include your name, course and date below the article’s name.
B. Content. Your paper should have the following four content sections:
Introduction and identification of key economic issues and concepts. In this section of the paper, explain in summary the intent of the article and how the author fulfils this objective in the article.
Clearly identify the main economics topic or issue raised in the article, the article’s title, date of publication, publisher and author.
Note that the article must have been published within the past year from a reputable source.
While the author will elaborate the issue, you will identify the key economics concept(s) attendant to it. That is, what economic principles, theories or concepts apply to the article?
Relevance of the economic issue. In the second section you will focus on explaining the importance of the economic issue(s) cited in the article and its relevance to individuals, firms, and/or government. Most economic issues have implications for consumers, or producers, or to the nation as a whole. Examine and discuss the possible meaning and importance of the issue to these groups.
Academic explanation of the economic concepts. This is the core section of the paper where you will use economic theory and illustrations (usually graphs) to academically explain the economic principles or theories on which the article is based. At least one explained graph is required in this section.
You will utilize your knowledge of economics to connect what the author is presenting in his/her article. In other words, use the appropriate economic theory to explain the author’s main point.
The key to this section is applying your economics knowledge (concepts, graphs, illustrations) to help clarify to readers what the article is saying.
Conclusion and reflection. Summarize and reflect on what you have learned from reviewing and interpreting the article. How is this knowledge important to you? What other implications can you derive from the article?