Description
Write a three to four (3-4) page paper in which you:
- 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.
- 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.
- Explain how the concept that you identified in Question 2 could affect the U.S. economy.
- In your concluding paragraph, state whether you agree or disagree with the economic article identified in Question 1. Provide a rationale for the response.
- 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.\
Grading for this assignment will be based on answer quality, logic/organization of the paper, and language and writing skills, using the following rubric found
Explanation & Answer
Attached.
THE KEY CONCEPTS IN ECONOMICS
The Key Concepts in Economics
1
THE KEY CONCEPTS IN ECONOMICS
2
An article published in New York Times and titled “U.S. Economic Growth for 3rd
Quarter Revised Up to 2.1%”, by Nelson D. Schwartz, discussed four key points regarding the
U.S. economy: growth rate for the third quarter of 2015, the causes of the growth rate,
employment rate, and predictions of interest rates considering the meeting of Federal officials
scheduled for mid-December of the same year. As explained below, the information provided by
the article can provide valuable insights upon the mechanisms that promote of limit economic
growth.
According to the article, the U.S. economy has grown at a slow, uneven pace. For the
third quarter of 2015, the estimated growth of the economy was 2.1 percent, which is a superior
rate compared to the previous quarters. The increase growth rate for the third quarter is explained
by the increase in the inventory level. For instance, firms have restocked their shelves at a speed
that was faster than the government’s estimates. On the other hand, the article mentions that
estimates suggest that the inventory rate will decrease again as manufacturers and retailers will
likely reduce the restocking of their warehouses and backroom (Schwarts, 2015).
The growth of the economy has led to a rise in home prices and a decrease in the
unemployment rate. For instance, the unemployment rate fell to 5 percent, as 271,000 jobs were
created. Schwart...
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