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Economics

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Assignment: The Key Concepts in Economics

Due Week 8 and worth 175 points

Write a three to four (3-4) page paper in which you:

  1. Identify at least four (4) key points of a relevant economic article from either the Strayer Library or a newspaper. The article must deal with any course concepts covered in Weeks 1-8.
  2. Apply one (1) of the following economic concepts (supply, demand, market structures, elasticity, costs of production, GDP, Unemployment, inflation, aggregate demand, and aggregate supply) to the key points that you highlighted in Question 1.
  3. Explain how the concept that you identified in Question 2 could affect the U.S. economy.
  4. In your concluding paragraph, state whether you agree or disagree with the economic article identified in Question 1. Provide a rationale for the response.
  5. Use at least three (3) quality resources in this assignment with one (1) being your article.

Your assignment must follow these formatting requirements:

  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

  • Analyze the dynamics of supply and demand to anticipate market equilibrium.
  • Analyze the elasticity of demand and supply and its importance, and the effect of taxes or other public policies.
  • Describe the impact of various forms of competition on business operations with emphasis on perfect competition.
  • Use technology and information resources to research issues in principles of economics.\

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Explanation & Answer

Attached.

Key Concepts in Economics

1

Key Concepts in Economics
Student’s name:
Professor’s name:
Date of submission:

Key Concepts in Economics

2

Key points of a relevant economic article
US oil ends down at $38.24 a barrel; lowest since February 2009
The economic article discusses on the price of oil in the United States and China and
across the world, the price dropped to $38.24 a cask the lowest drop since February 2009 this
was for light crude oil. The Brent crude traded at 6% that is $2.70 and $42.80 for a barrel. The
Brent crude oil experienced a low session in March 2009, going at $42.51. A major component
that the article discusses on is increased the supply of oil across the world. This supply of oil was
influenced by the adverse economic downturn experienced in China the leading economy. The
economic state of China was slowing down at a period of high supply across the world, which
frightened the market as the prices dropped drastically by 5%.
Secondly, another key point of the article is the market structures of the Chinese
economy. China is the center of all this scandal of oil price falls, since the past financial crisis the
Chinese market has suffered yet another great loss and drop in the prices. The markets had never
suffered such a big day drop that led to the huge sell-off in global equities and commodities that
wiped off over 400 billion Euros. The fundamenta...


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