Description
1.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 the list provided below 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, Business week, Times, Fortune, etc.).
Using your own words as much as possible, you will explain the main points being made by the article’s author(s), the economic principles used by the author to support his/her argument, and the implications of the story.
Apply some of the key economics concepts you have learned in Chapters 1 – 11 of your textbook, to explain the meaning and relevance of the economics story to individuals, firms and/or industry.
Objectives
Identify key economic issues in real world scenarios affecting individuals, households and firms.
Apply the appropriate economic concepts and principles to understand, explain and interpret the decisions made and actions taken by the main economic agents.
Evaluate and reflect on the implications of changes in economic conditions on the behavior and decisions of households and firms.
Required Materials
Ragan, C. T. S. (2020). Ragan Microeconomics (16th Canadian ed.). Ontario, Canada: Pearson Education Canada.
Review Chapters 1-11 of the course textbook
Recently published Business/Economic journal articles from Yorkville University Library or other academically credible online source.
Major Topics Covered in Chapters 1-11:
Supply, demand and equilibrium market price
Elasticity
Price controls and market efficiency
Consumer behaviour
Production in the short and long run periods
Competitive markets
Monopoly, cartels and price discrimination
Imperfect competition and strategic behaviour
Price controls by government
another topic related to microeconomics
IMPORTANT NOTE
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.
