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Topic:

Microeconomics: Industry Goods and Services

Essay Instructions:

Please see fillable essay template already formatted in SWS paper style.
I have also attached 2 sample essay paper to see exactly what the professor is looking for.
A previous industry I selected for my topic was: Industry: Grocery Stores and Supermarkets
Please feel free to choose any Industry.
Economic Principles – Microeconomics
Overview
In this assignment, you will develop a paper in which you select an industry that interests you, describe that industry, and explain how government might impact the industry. (I previously selected Industry: Grocery Stores and Supermarktets.)
An Example Economic Paper and Economic Paper Template are provided below for this assignment.
Review the Microeconomic Paper Example [DOCX].
Use the Microeconomic Paper Template [DOCX] to help you get started. (Optional).
Instructions
Review your chapter readings and use the resources provided to develop a 2–3-page paper on Economic Principles – Microeconomics in which you:
Visit the Census Bureau (NAICS) website and select an industry that has a description. Some of the smaller industries are named, but not described.
The industry could be broad, such as industry 11 Agriculture, Forestry, Fishing, and Hunting, or it could be narrow, such as industry 112112 Cattle Feedlots.
The more digits in the industry label, the narrower the industry.
In a few short paragraphs, describe your selected industry using the industry description at the NAICS website.
Be sure to write in your own words. Don’t just copy and paste the NAICS text.
Identify some of the major companies in this industry
Identify the goods, and/or services this industry produces. Use the information from the NAICS website.
You can supplement this information with what you find in a separate Google search.
Describe a microeconomic variable for your industry. Microeconomic variables include prices, sales, production, advertising, investment, etc. (Previously I selected Revenue for 2017, 2018, 2019)
Include a graph, chart, or table showing this microeconomic variable over time.
You do not need to create this graph, chart, or table. Find one that has already been created and paste it into your paper. For example, if your industry is U.S. automobile manufacturing, Google, “U.S. automobile manufacturing over time.” Select the “images” option. Choose one of the graphs, charts, or tables. Then copy and paste it into your paper.
Include a reference to the source of the graph, chart, or table. Microeconomic relationships and market outcomes are covered in Weeks 2–4.
Describe one way the government might impact this industry. Examples might include price controls, regulations, taxes, or any other way you can think of.
Government intervention through price controls, regulations, taxes, and antitrust enforcement were covered in Weeks 2 and 4.
This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.
Resources to Complete the Assignment
Week 5 Assignment with NAICS Example [DOCX].
Business Source Complete.
This database has an option to search the Publication Type of “Industry Profile”
How to use Business Source Complete.
This instructional video illustrates how to use Business Source Complete.
D&B’s Business Directory.
Using this site, you can search by industry, get a profile of the industry, and see top companies.
Fortune 500 Directory.
You can find information on the top companies in most categories.
The specific course learning outcome associated with this assignment is:
Explain economic principles and their applications in the real world.

Essay Sample Content Preview:

Microeconomic Paper
Title
By Your Name
ECO100
Professor’s Name
Date
Microeconomic Paper
Title
Industry Goods and Services
The fishing sector mainly comprises establishments that engage I commercial fish catching. The process involves fetching a wide range of fish and other marine products, such as salmon, finfish, clams, crabs, lobsters, and turtles from their natural habitat. It is one of the most popular recreational activities in the United States. In 2019, more than 50 million Americans visited the country’s waterways to participate in freshwater, saltwater, and fly-fishing activities (Lange, 2020). The event was rated as the highest fishing expedition in over a decade. Given the increasing interest that the sector continues to attract on a global scale, the event is likely to increase in demand in the future, which will boost the health and well-being of several Americans of all ages. However, the event is also likely to pose a major threat to the regional ecosystem balance.
The sector is further divided into three other subsectors. These include finfish fishing (NAICS category 114111), shellfish fishing (NAICS category 114112), and other marine fishing (NAICS category 119). The finfish sector involves establishments that mainly engage in commercial fishing exercises, where they catch a variety of fish including the bluefish fishing, cod catching, cod fishing, Pollock fishing, porgy fishing, ray fishing, and dolphin fishing. The shell fishing sector comprises processes involved in the commercial extraction of shellfish from their natural habitat. These include clam digging, crabbing, crayfish fishing, crabbing, scallop fishing, and sea urchin fishing. The other marine fishing sector engages in fishing of other marine animals with the exception of finfish and shellfish. Examples of the organisms extracted in this sector include frog fishing, seaweed gathering, sponge gathering, turtle fishing, and terrapin fishing. All the three sectors are managed under the fisheries sector and any rules and regulations formed or economic policies passed affect them in various ways.
Describe a Microeconomic Variable for Your Industry
The fisheries sector contributes significantly to the country’s economy by providing employment and revenue to the government. According to the NOAA Fisheries (2020) data, in 2017, the fisheries and seafood sector contributed to 1.74 million jobs, $244.1 billion in sales, and $110.7 in value-added taxes. These figures are summarized in the charts below.
Source: /national/sustainable-fisheries/fisheries-economics-united-states
The sector is one of the largest in the country. Recent data from IBIWorld (2021) shows that its market size, measured by revenue of the sector, is $9.7 billion and the size is expected to further increase by ...
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