Explain economic principles and their applications in the real world.

• 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.

 

 

 

I have selected from NAICS Search Retail Trade is 448   Clothing and Clothing Accessories Stores

 

• NAICS (North American Industry Classification System)

 

Instructions

 

Review your previous chapter readings and 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 .
   • Your brief should include a cover page. 
   • Your brief should be two to three (2-3) pages in length (not including the cover page), double-spaced, 12-point font.
   • Your brief should include a minimum of one (1) reference/citation in the text.

 

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