The Key Concepts in Economics Research Assignment (Essay Sample)
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:
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.
Unemployment in the US
Unemployment in the US
Unemployment is a circumstance that takes place when an individual who is actively looking for an occupation is not in a position to find one (Daniel, Yang, Soo, & Partha, 2015). Joblessness drops in the periods of economic prosperity and upsurges in slumps generating considerable force on the public assets as tax income decreases and social care net outlays heightens. For instance, engagement lengthened reliably in the 1990s; however, it has been varying because of recessions in 2001 and 2007-2009. Moreover, the mix of occupations has budged, with a bigger portion of part-time workforces than pre-disasters. Government expenditure, monetary policy, and American Federal Reserve, and interest rate modification, are significant implements for handling the joblessness proportion (Daniel et al., 2015). The current paper has described how unemployment economically affects the US.Background
Unemployment could be evaluated through various methods. An individual is unemployed if he/she is jobless but searching an occupation. Persons who not unemployed and are usually not included in the labor force. For instance, by 2015 the proportion of joblessness in the US was 5%, which translates to almost 8 million persons (Rahman, Mustafa, & Caples, 2014). Comprehensively, the US government larger joblessness level was 9.9%, which translated to 16.4 million individuals; this comprised temporarily employed persons. Therefore, unemployment is a key issue in the US economy.
The Four Unemployment Points from the New York Times Newspaper
First, the newspaper outlines that unemployment majorly reflects a fall in the share of labor force-age adults (Cohen, 2017). Again, it argues that with many baby boomers retiring every year, economists approximate that the periodic addition of approximately 100,000 occupations ought to be sufficient to engage the incoming labor force (Cohen, 2017). Thirdly, the New York Times claims that, although the employment rate has decelerated in the current years, it is still beyond where it necessitates being to engage the working-age persons (Cohen, 2017). Finally, it claims that the c
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