The Key Concept in Economics

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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 from the newspaper or some other reputable source.
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.

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Running head: THE KEY CONCEPTS IN ECONOMICSThe Key Concepts in EconomicsNameClassDateProfessor1Running head: THE KEY CONCEPTS IN ECONOMICS2The Key Concepts in EconomicsThe article The Political Economy of Capitalism discusses the definition of capitalismand its role as a three level, political system. Capitalism involves a political, social and economicsystem. The three levels identified in the article include the markets, institutional foundations,and political authorities. These levels are compared in relation to organizational sports. Thearticle discusses the concept of microeconomics and the market system and the key conceptsneeded to for a capitalist society to evolve. Capitalism is a system that is both economic andpolitical influenced by institutional foundations and political authorities.Four Key PointsThe first concept discussed was capitalism. Capitalism involves a market system wherethe economic system is driven by competition. In the article, the focus is on understanding theindirect governance of political authorities. The second concept discussed in the article is themarket system. The market system is where buyers and sellers are matched. In this system manydifferent markets exist. The market is defined by what goods or services are being sold,participants, and type of transactions. The medium of exchange is discussed and its importancein the market system. In a capitalist society, the government coordinates the modernization
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