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Assignment Instructions

For the term paper, you are required to pick a current economic topic that relates to the material we have covered or will cover in this course. You will research and find an article that covers the topic you have chosen. You can use an article online or offline from any reputable source. You will write up a review of the article and integrate course concepts into your review. Please make sure you both summarize the article and discuss how it relates to the course. Complete this essay in a Microsoft Word document in APA format. Your work will automatically be submitted to Turnitin for plagiarism review. Please note that a minimum of 700 words for your essay is required.

These are thethings that was covered in week 1-6

Week 1

  • General definition of economics
  • Economic principles
  • Economic resources
  • Economic systems
  • How economists study the economy
  • Important foundational economic concepts
  • Circular flow
  • Production possibility frontier

Week 2

  • Markets
  • Demand
  • Supply
  • Market equilibrium
  • Demand and supply curves
  • The forces of supply and demand

Week 3

  • Price elasticity of demand
  • Inelasticity of demand
  • Perfect elasticity of demand
  • Price elasticity of supply
  • Inelasticity of supply
  • Perfect elasticity of supply
  • Cross-price elasticity

Week 4

  • How people make choices
  • Utility, diminishing utility, and the utility function
  • The factors influencing consumer decisions
  • Budget constraints
  • Advertising’s influence on consumer behavior
  • Network externalities
  • Behavioral economics and consumer behavior

  Week 5

  • Business costs
  • Implicit and explicit costs
  • Accounting profits
  • Economic profits
  • Productivity
  • Total costs
  • Marginal costs
  • Profit maximization
  • Loss minimization

week 6

  • Markets
  • The four types of markets
  • Pure competition (perfect competition)
  • Revenue, profit, supply, and demand in pure competition
  • Pros and cons of pure competition
  • Monopoly
  • Revenue, profit, supply, and demand in a monopoly
  • Pros and cons of a monopoly
  • Regulation of monopolies

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