Principle in Economics Paper (2 page paper with Cover sheet)Please Read all of the instructions FIRST!I will attach all the information for the assignment
Principle in Economics Paper (2 page paper with Cover sheet)Please Read all of the instructions FIRST!I will attach all the information for the assignment ( Instructions, Review, Brief Examples, Writi
Assignment 1: Economic Brief Due Week 5, worth 150 points This assignment is aligned to these course outcomes: Explain economic principles and their applications in the real world. Summarize the different types of market structures and the role of government in economics. In the workplace, we are often asked to create “briefs.” A brief provides a snapshot, or short, written summary, of a situation or event that has occurred. It is generally just a few pages long and may include additional visuals like a graph, chart, or table. In this assignment, write a brief about economic concepts in an industry that interests you. An example economic brief, template, and resources are provided below. Example Economic Brief, Assignment 1 Template, Strayer Writing Standards (SWS) Review an example brief. Use the optional template to help you get started. Get familiar with the Strayer Writing Standards (SWS). (See Instructions below.) Industry Selection Use this resource to select an industry and learn about the products and services it provides: NAICS (North American Industry Classification System) or https://www.census.gov/cgi-bin/sssd/naics/naicsrch?chart=2017 Select the number next to the industry to see its subsectors, e.g., select 52 to see Finance and Insurance. Select that same number again to read about the industry as a whole or select a sub-category. For example, Mining is 21, and Oil and Gas Extraction, a sub-category, is 211. Instructions: Review your previous chapter readings and use the resource above to develop an economic brief that is two to three (2-3) pages long in which you: Select an industry and describe the goods and/or services this industry produces. Use the NAICS resource above to help you select an industry (and/or subsector) for your brief.  Identify this industry’s market structure and at least two or more market characteristics that support this market structure. (Market structures are covered in Weeks 3 and 4.) Describe any notable microeconomic relationships, market outcomes, and/or trends in this industry. Include a graph, chart, or table containing related data. (Microeconomic relationships and market outcomes are covered in Weeks 2 through 4.) How might government impact this industry’s market prices, output, and/or market structure? (Government intervention through price controls, industry regulations, and antitrust enforcement is covered in Weeks 2 and 4.) This course requires use of Strayer Writing Standards (SWS). The format is different compared to other Strayer University courses. Please take a moment to review the SWS documentation for details. (Note: You’ll be prompted to enter your Blackboard login credentials to view these standards.) Your brief should include a cover page. Your brief should be two to three (2-3) pages in length (not including the cover page), double-spaced, 12-point font. Your brief should include a minimum of one (1) reference/citation in the text.
Principle in Economics Paper (2 page paper with Cover sheet)Please Read all of the instructions FIRST!I will attach all the information for the assignment ( Instructions, Review, Brief Examples, Writi
Computer and Peripheral Equipment Manufacturing Exam ple Economic Brief ECO 100: Principles of Economics Strayer University Professor Jean Nzumgang Fonkoua August 5, 2018 2 Computer and peripheral equipment manufacturing industry is one of the lea ding industries in technology and innovation in the global economy , and the American companies in this industry have a large market share. The main driving engines of the industry are innovations and inventions (1). Smartphones, laptop and desktop computer s, ta blets, the internet of things technologies, network technologies, and other information and communication tools are produced in this industry. Digitalization of information and analysis of large data sets are some important developments in this indust ry no wadays. Also, we observe that many companies are spending effort on developing materials used in electronics. For instance, developments in the field of energy storage and production might open new doors for improvement in the industry. Subsequently, it is quite possible to claim that there is no upper limit of development in this industry. Considering that innovation has a very crucial role in competition in this market, this market is a monopolistic competiti ve market. Rational customer s in the mar ket follow the technological development, and they aim at purchasing the possible highest technology with the possible lowest price; the companies operating in this market spend effort for differentiating their products to make their customers believe that the ir products are superior to the others. The companies heavily use advertisement and promotion campaigns , and creating loyalty among their customers is very critical for them. In other words, they spend effort on gaining relatively higher monopoly or co mpeti tion power in the short -run , to be able to play around the prices of their products to maximize their profits. However, it is not possible to continue this strategy in the long -run because investing large financial resources in advertisement and promo tion campaigns , is not feasible for the companies in the long -run. Although the market structure is monopolistic competiti ve , the number of companies operating in this market is limited. 3 Therefore, it may not be an exaggeration to name this market as an oligopolistic competiti ve market , at least in the short run (2). However, considering that there might be new entrances to the market after the leading technologies are disseminated to the other companies, this market structure might turn into a monopolistic comp etitive market in the long -run. Graph 1: Labor Pro ductivity Source: US Bureau of Labor Statistics 4 This industry uses a high -quality labor force in the market and pays one of the highest annual mean wages to the workers , over USD 95,000 (2). That m eans , the labor productivity is quite high in the industry. Also , the labor force is supported by high -technology machinery, and that means , any new entrant needs to make a significant investment (2). However, on the other side, some small -sized companies might develop critical technological innovations and sell it to the large companies in this industry. We observe that the large technology companies purchase some small technology developing companies , to enhance their innovation capacities. In other words , there exists a high entry barrier for the small companies to enter the market , which reinforce the idea of oligopolistic competition. Apple, Microsoft, Google, Samsung, Google, and Huawei are among the most important producers in this market (2). These companies have the leading position in the market, and all thes e companies outsource their production activities to the developing nations for optimizing their production costs. Also, these companies hire high -quality engineers and professionals to be a l eader in their markets. Consequently, these companies have a hig h power of competition in the market. Therefore, entering this market as a small or medium sized company , is not possible and feasible. In other words, the competition is quite limited in the market , and even it is possible to say that government interventio n is necessary for increasing the efficiency in the market. Google has been sentenced to pay a sizeable financial bill in Europe recently, and we all know the case of Microsoft’s monopoly in the last decade. It is possible to see similar cases shortly be cause these companies are still leading the market , and their innovation capacity is very high. Therefore, they might share the global market easily among them. In other words, we would expe ct a monopolistic competition in this market because of t he high innovation capacity, but we observe that these companies are sharing the global market with a secret agreement or hidden, 5 unknown way. For instance, while Apple sells its products to the cust omers with relatively higher incomes, Samsung, Huawei, an d other brands are preferred by the people with relatively lower incomes. In some professions, only some specific brands or software is preferred to the others. Also, we observe that each company has different advertisement companies. By only analyzing the advertisement strategies of the companies, it is possible to understand how the global market is shared. Considering that using high -technology products does not provide only a direct utility , but also a prestige to the users, this market will be lively in the future. This situation is expected to increase the competition in the market. Also, the patents owned by the large companies nowadays will expire in the next decade, and the other companies c an easily develop some new technologies built on the revea led patented technologies of the large companies. Consequently, it is highly possible to expect the formation of a competitive industry in the future. 6 Sources 1. Greenlaw, S. A., Shapiro, D. , & Taylor, T. (2018). Principles of economics 2e (2nd ed.). Houston, TX: OpenStax College, Rice University. 2. Ju, J. (2002). Oligopolistic Competition, Technology Innovation, and Multiproduct Firm s. Review Of International Economics , 11 (2), 346 -359. doi: 10 .2139/ssrn.298722
Principle in Economics Paper (2 page paper with Cover sheet)Please Read all of the instructions FIRST!I will attach all the information for the assignment ( Instructions, Review, Brief Examples, Writi
Computer and Peripheral Equipment Manufacturing Exam ple Economic Brief ECO 100: Principles of Economics Strayer University Professor Jean Nzumgang Fonkoua August 5, 2018 2 Computer and peripheral equipment manufacturing industry is one of the lea ding industries in technology and innovation in the global economy , and the American companies in this industry have a large market share. The main driving engines of the industry are innovations and inventions (1). Smartphones, laptop and desktop computer s, ta blets, the internet of things technologies, network technologies, and other information and communication tools are produced in this industry. Digitalization of information and analysis of large data sets are some important developments in this indust ry no wadays. Also, we observe that many companies are spending effort on developing materials used in electronics. For instance, developments in the field of energy storage and production might open new doors for improvement in the industry. Subsequently, it is quite possible to claim that there is no upper limit of development in this industry. Considering that innovation has a very crucial role in competition in this market, this market is a monopolistic competiti ve market. Rational customer s in the mar ket follow the technological development, and they aim at purchasing the possible highest technology with the possible lowest price; the companies operating in this market spend effort for differentiating their products to make their customers believe that the ir products are superior to the others. The companies heavily use advertisement and promotion campaigns , and creating loyalty among their customers is very critical for them. In other words, they spend effort on gaining relatively higher monopoly or co mpeti tion power in the short -run , to be able to play around the prices of their products to maximize their profits. However, it is not possible to continue this strategy in the long -run because investing large financial resources in advertisement and promo tion campaigns , is not feasible for the companies in the long -run. Although the market structure is monopolistic competiti ve , the number of companies operating in this market is limited. 3 Therefore, it may not be an exaggeration to name this market as an oligopolistic competiti ve market , at least in the short run (2). However, considering that there might be new entrances to the market after the leading technologies are disseminated to the other companies, this market structure might turn into a monopolistic comp etitive market in the long -run. Graph 1: Labor Pro ductivity Source: US Bureau of Labor Statistics 4 This industry uses a high -quality labor force in the market and pays one of the highest annual mean wages to the workers , over USD 95,000 (2). That m eans , the labor productivity is quite high in the industry. Also , the labor force is supported by high -technology machinery, and that means , any new entrant needs to make a significant investment (2). However, on the other side, some small -sized companies might develop critical technological innovations and sell it to the large companies in this industry. We observe that the large technology companies purchase some small technology developing companies , to enhance their innovation capacities. In other words , there exists a high entry barrier for the small companies to enter the market , which reinforce the idea of oligopolistic competition. Apple, Microsoft, Google, Samsung, Google, and Huawei are among the most important producers in this market (2). These companies have the leading position in the market, and all thes e companies outsource their production activities to the developing nations for optimizing their production costs. Also, these companies hire high -quality engineers and professionals to be a l eader in their markets. Consequently, these companies have a hig h power of competition in the market. Therefore, entering this market as a small or medium sized company , is not possible and feasible. In other words, the competition is quite limited in the market , and even it is possible to say that government interventio n is necessary for increasing the efficiency in the market. Google has been sentenced to pay a sizeable financial bill in Europe recently, and we all know the case of Microsoft’s monopoly in the last decade. It is possible to see similar cases shortly be cause these companies are still leading the market , and their innovation capacity is very high. Therefore, they might share the global market easily among them. In other words, we would expe ct a monopolistic competition in this market because of t he high innovation capacity, but we observe that these companies are sharing the global market with a secret agreement or hidden, 5 unknown way. For instance, while Apple sells its products to the cust omers with relatively higher incomes, Samsung, Huawei, an d other brands are preferred by the people with relatively lower incomes. In some professions, only some specific brands or software is preferred to the others. Also, we observe that each company has different advertisement companies. By only analyzing the advertisement strategies of the companies, it is possible to understand how the global market is shared. Considering that using high -technology products does not provide only a direct utility , but also a prestige to the users, this market will be lively in the future. This situation is expected to increase the competition in the market. Also, the patents owned by the large companies nowadays will expire in the next decade, and the other companies c an easily develop some new technologies built on the revea led patented technologies of the large companies. Consequently, it is highly possible to expect the formation of a competitive industry in the future. 6 Sources 1. Greenlaw, S. A., Shapiro, D. , & Taylor, T. (2018). Principles of economics 2e (2nd ed.). Houston, TX: OpenStax College, Rice University. 2. Ju, J. (2002). Oligopolistic Competition, Technology Innovation, and Multiproduct Firm s. Review Of International Economics , 11 (2), 346 -359. doi: 10 .2139/ssrn.298722




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