Scarcity effects access to all products and services.

Scarcity effects access to all products and services. Select for one of the following options for your topic and write an essay addressing all noted requirements:

 

Option 1: The Colorado River Compact allocates Colorado River water among eight states and Mexico. When the compact was originally negotiated, the region was sparsely settled so the focus was on agriculture use. Since that time, the population in the southwest has grown tremendously, changing the demands and stresses on this vital river. You have been given direction by the Federal government to fix the Colorado River Compact.

 

Option 2: You run a large health insurance company with a good reputation that tends to keep policyholders. What criteria would you use to balance the scarcity of resources (premiums), change the services provided, and/or influence the costs of claims?

 

Option 3: Select an existing product or service. Explain how scarcity affects the production or the market for the product or service. As the manager of the company, what decisions can you make to reduce the effects of scarcity?

 

For All Responses

 

Find at least two articles in the Chamberlain library that discuss your research topic and how it is affected by scarcity. Include them as support for your points.

 

Include the following in your essay:

 

A summary of the effects of scarcity

 

A recommendation to reduce the effects of scarcity with a reallocation of resources

 

Note: Your recommendation should reduce the effects of scarcity with the same given budget, staffing, and other resources.

 

 

 

ECON312N Principles of Economics

 

Week 2 Assignment

 

Mini Presentation: Supply and Demand

 

Required Resources

 

Read/review the following resources for this activity:

 

Textbook: Chapter 3, 4, 5

 

Lesson

 

Link (website):?Narrated PowerPoint Tutorial?

 

Minimum of 1 news article

 

Introduction

 

Select a product or service provided in any industry. In a narrated PowerPoint presentation, address the following:

 

Identify the current market equilibrium price.

 

Examine how the information in the news article will change the market supply or demand for the product or service and how it will influence the new market equilibrium price.

 

Will the change identified in the article be good or bad for consumers? Explain why this is so.

 

Review the Narrated PowerPoint Tutorial for help with your narration.

 

 

 

 

 

 

 

 

 

ECON312N Principles of Economics

 

Week 3 Assignment

 

Essay – Competitive Market Structure

 

Required Resources

 

Read/review the following resources for this activity:

 

Textbook: Chapter 7, 8

 

Lesson

 

Minimum of 2 scholarly sources (other than the textbook and article noted in the instructions/references)

 

Instructions

 

For the assignment, address the following:

 

List and briefly explain the features of a perfectly competitive market structure.

 

How do firms in a perfectly competitive market determine price and profit-maximizing output levels? (Note: You will be building on your discussion post related to this question in the paper. Be sure to do more than just repeat what you stated in the discussion; instead, expand upon it based on feedback and dialogue and further research from our work this week.)

 

According to Papanicolas, Woskie, and Jha (2018), the main drivers of the cost of healthcare in the U.S are “labor and goods, including pharmaceuticals and devices, and administrative costs” (Key Points section, para. 2). This (labor and goods as drivers of cost) occurs in higher education and in the arts as well. Imagine that you are the Chief Financial Officer (CFO) of a large medical facility, a higher education institution, or an arts organization (select one to frame your response). What cost-cutting measures would you propose to address the excessive cost of operating the facility while maintaining the quality of services?

 

Click on the link to read an excerpt from the article:

 

Link: Excerpt from Papanicolas, Woskie, and Jha (2018)

 

Writing Requirements (APA format)

 

 

 

ECON312N Principles of Economics

 

Week 4 Assignment

 

Mini Presentation – Market Failure

 

Required Resources

 

Read/review the following resources for this activity:

 

Textbook: Chapter 9, 10

 

Lesson

 

Link (website):?Narrated PowerPoint Tutorial?

 

Minimum of 1 news article

 

Introduction

 

Market failures occur throughout the economy. Locate an article discussing a market failure. In a narrated PowerPoint presentation, summarize what occurred.

 

Present the issue from the company’s perspective:

 

What were the benefits to the company?

 

Did the benefits to the company provide additional positive externalities?

 

Next present the issue from society’s perspective.

 

How was society damaged by the company’s action?

 

Based on your assessment, did the market failure result in a net benefit or cost to society overall? Explain why.

 

Review the Narrated PowerPoint Tutorial for help with your narration.

 

Presentation Requirements

 

 

 

ECON312N Principles of Economics

 

Week 5 Assignment

 

Presentation – Unemployment Analysis

 

Resources

 

Read/review the following resources for this activity:

 

Textbook: Chapter 21

 

Lesson 1

 

Link (website): FRED Economic Data (Links to an external site.)

 

Link (website):?Narrated PowerPoint Tutorial?

 

Minimum of 2 scholarly sources

 

Introduction

 

This assignment is based on the exploration and analysis of unemployment. These variables are compiled by the Bureau of Economic Analysis and are used extensively by the Federal Reserve of St Louis, in a database called FRED (Federal Reserve Economic Data), which is made up of nearly 140,000 economic time series from more than 50 data producers.

 

Activity Instructions

 

For this assignment, review and analyze the graphs developed using the FRED graphing tool. Note that the shaded areas on the graph show periods during which there were recessions.

 

Present your information in a narrated PowerPoint presentation. Copy and paste the graphs into your presentation. Include the following:

 

A slide for each series graph (A-D) with an assessment of the labor market during the period of the Great Recession (2007 to 2009). Compare to the time before and after the great recession.

 

Provide a comparative analysis of the performances of the variables versus FRED’s UNRATE variable.

 

Pick one (1) of the series of graphs and analyze the economic factors that account for the differences in unemployment rates.

 

Measuring Unemployment

 

Items A-D below will require the analysis of Multi-Series Graphs.

 

A. Measures of Unemployment

 

The Civilian Unemployment Rate (FRED code: UNRATE) from 1997 (January) to 2019 (January). (Note: this is the official Unemployment Rate)

 

A Multi-Series Graph and plot Special Unemployment Rate (FRED Code – U6RATE) from 1997 (January) to 2019 (January). (Note: this is Total Unemployed, Plus All Marginally Attached Workers, Plus Total Employed Part-Time for Economic Reasons, as a Percent of the Civilian Labor Force plus all Marginally Attached Workers).

 

FRED graph – measures of unemployment

 

Figure 1: Civilian Unemployment & Total Unemployment

 

B. Educational Attainment

 

Unemployment Rate – Bachelor’s Degree and Higher, 25 years and over (FRED code: LNS14027662) from 1997 (January) to 2019 (January).

 

A Multi-Series Graph and plot Unemployment Rate – High School Graduates, No College, 25 years and over (FRED code: LNU04027660) from 1997 (January) to 2019 (January).

 

FRED graph – educational attainment

 

Figure 2: Unemployment Rate: College Graduates & High School Graduates

 

C. Gender

 

Unemployment Rate – Men (FRED code: LNS14000001) from 1977 (January) to 2019 (January).

 

A Multi-Series Graph and plot Unemployment Rate – Women (FRED code: LNS14000002) from 1977 (January) to 2019 (January).

 

FRED graph – gender

 

Figure 3: Unemployment Rate by Gender

 

D. Race

 

Unemployment Rate – White (FRED code: LNS14000003) from 1977 (January) to 2019 (January).

 

A Multi-Series Graph and plot Unemployment Rate – Black (FRED code: LNS14000006) from 1977 (January) to 2019 (January).

 

A second Multi-Series Graph plotting Unemployment Rate – Hispanic (FRED code: LNS14000009) from 1977 (January) to 2019 (January).

 

FRED graph – race

 

Figure 4: Unemployment Rate by Race

 

Review the Narrated PowerPoint Tutorial for help with your narration.

 

 

 

ECON312N Principles of Economics

 

Week 6 Assignment

 

Essay – Key Types of Inflation and the Social Implications

 

Resources

 

Read/review the following resources for this activity:

 

Textbook: Chapter 22, 24

 

Lesson

 

Minimum of 2 scholarly sources

 

Instructions

 

For this assignment, address all of the following parts:

 

Part A. Describe a hypothetical situation where either demand-pull or cost-push inflation occurs, addressing how the situation affects either the AD or AS curve, as well as the implications for prices and the overall effect on the economy. (Think about the circular flow model to help answer this question). You may include a graph to help illustrate your point.

 

Part B. Pick one of the populations listed and describe how inflation impacts this population in your example. Are their lives improved, about the same, or worse off? Describe why.

 

Unemployed

 

Retired

 

Homeowners (mortgage holders and/or people who have paid off their homes)

 

Young families

 

Working poor

 

The rich

 

Part C. What action can society (the government) take to minimize the negative impact on those most affected by the inflationary event? What trade-offs does society have to make? Make sure that your proposal has a reasonable chance of being passed by the country’s elected officials. Please use research to support your response.

 

 

 

ECON312N Principles of Economics

 

Week 7 Assignment

 

Presentation – Economic Analysis

 

Required Resources

 

Read/review the following resources for this activity:

 

Textbook: Review all chapters (Weeks 1-7)

 

Lesson: Week 1-7

 

Link (website):?Narrated PowerPoint Tutorial?

 

Minimum of 2 scholarly sources

 

Instructions

 

You have been hired by the Federal Government to explain a little about the current economic conditions and make recommendations to keep the economy moving at its current pace and help ensure all citizens benefit from their decisions. In an unprecedented move, the President, the Congress, the Senate and the Federal Reserve have all agreed to follow your recommendations provided they don’t upset their constituents. As such, you will have the ability to recommend adjustments to both fiscal and monetary policy as well as any other legislation

 

For this assignment, develop recommendations. Present your recommendations in a narrated PowerPoint presentation. Include the following information:

 

Summarize the current state of the economy (AS-AD curves).

 

Explain proposed fiscal, monetary, and legislative changes.

 

Identify the economic impact of the fiscal, monetary and legislative changes.

 

Detailing the costs (or revenue generated by) of any fiscal policy or legislative changes.

 

Detail any tradeoffs that were made. (Who benefited? Who ended up paying more?)

 

Indicate how or why the country and society is better off based taking your team’s guidance.

 

Review the Narrated PowerPoint Tutorial for help with your narration.

 

 

 

 The Current Economy

 

The economy has been improving over the past several years. Unemployment is down at 3.5%, wages grew by 2% last quarter and last year’s GDP grew by the most in recent history. Over the past month or so, prices appear to be rising.

 

 

 

ECON312N Principles of Economics

 

Week 8 Assignment

 

Mini Presentation – International Trade

 

Required Resources

 

Read/review the following resources for this activity:

 

Textbook: Chapters 29, 33, 34

 

Lesson

 

Link (website):?Narrated PowerPoint Tutorial?

 

Minimum of 2 scholarly sources

 

Introduction

 

International trade has been said to promote economic growth, increase choices, and reduce costs for consumers. Pick a service industry and develop a narrated PowerPoint presentation. Include the following information:

 

What types of trade have you observed affecting the industry?

 

Does the industry benefit, or is it negatively affected by international trade?

 

Who are the “winners” and the “losers” from the transactions?

 

Should society take action to ensure the “losers” benefit in some way from the trade transactions? Why or why not? If action is to be taken, what should it be? How would it improve overall welfare?

 

Review the Narrated PowerPoint Tutorial for help with your narration.