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The role of the United States and China are pacesetting in the global economy. Greater cooperation will be essential to support the robustness of both economies. As a way of approaching this challenge, the Ministry of Economy of China has invited you to present a seminar to its key staff to better understand the conceptual framework of microeconomics in the U.S. economy. The minister feels that if his staff is better able to understand the U.S. perspective on microeconomics, the two countries might be able to work in a more cooperative way in the global economy. To do this means that you must prepare a conceptual briefing paper on the basics of the U.S. economy that will prepare the minister’s staff for your insightful seminar to follow. Please remember that this is a preliminary briefing paper that will be used to prepare Ministry of Economy staff for the seminar; it is not the seminar itself. Your briefing paper should include the following:
Introduction: Provide a brief focus statement about your paper and what the reader can expect.
Private, common, and public goods: Provide a brief synopsis of the differences between private, common, and public goods, and the value of this difference to the economy.
Market structures and costs of productions: Define market structures and costs of production and how they operate in an economy.
Consumer behavior: Explain the significance of consumer behavior to the economy in terms of marginal utility, total utility, and diminishing utility on the economy.
Taxation, government intervention, supply and demand, and economic growth: Discuss the relationship between taxation, government intervention, and supply and demand and its relationship to economic growth.
Opportunity costs and decision making: Explain opportunity costs and their importance to decision making at both the individual and organizational level in the economy.
Conclusions and outcomes: Provide a few concluding paragraphs about what your paper discussed and how it can be beneficial for better understanding microeconomics.
For this final project, thoroughly discuss the topics described above and, when possible, provide specific examples or recommendations.
Your paper should:
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