Explain economic principles and their applications in the real world.

This assignment is aligned to these course outcomes:

• 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. (EXAMPLE Brief is attached)

Use this resource to select an industry and learn about the products and services it provides:

• NAICS (North American Industry Classification System) https://www.census.gov/cgi-bin/sssd/naics/naicsrch…
  • Select the number next to the industry to see its subsectors, e.g., select 52 to see Finance and Insurance.
  • Select that same number again to read about the industry as a whole or select a sub-category. For example, Mining is 21, and Oil and Gas Extraction, a sub-category, is 211. (https://www.census.gov/cgi-bin/sssd/naics/naicsrch…)

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