- Write a paper of approximately 750 words that answers the following questions. Use the contemporary economic issue within your country or the world that you selected earlier in the course to inform your answers.
- What is the economic issue?
- Why is it important?
- Which principles of economics apply? Choose from each of the areas: decision making, interaction, and how the economy works.
- How do the forces of supply impact the issue?
- How do the forces of demand impact the issue?
- How does elasticity apply to the issue? If appropriate, include a calculation for elasticity.
- Use graphical representations of economic concepts such as supply and demand curves, equilibrium, elasticity, and cost curves to support your findings.
- Determine the theories of economics that apply (for example, theory of consumer choice, theory of the firm)?
- Compare the issues faced in the economic issue chosen and how it relates to the economic topics discussed in the textbook and class. For example, do any of these concepts apply to the issue: efficiency of markets, costs of taxation, benefits of international trade, government interventions, competitive markets, features of labor markets, macroeconomics data, monetary system, and economic fluctuations?
- Recommend strategies that could improve the situation.
- Format your paper using West Writing Style Handbook guidelines.
- Include a minimum of four sources, which may consist of readings from the University Library, your text, and other selections.