09 Jul Common Assessment – Foundations of Microeconomics Practical Assignment
Objective: The purpose of this project is to (1) encourage you to see economics at work all around you in your daily life, and (2) sharpen your analytical skills in applying economic theory to real-world events.
Task: Read The Gulf News, The National, popular newspapers and magazines from other countries, listen to the radio, watch TV, scan the internet and look for news events where you can see the principles and concepts we study in class playing out in business. Collect these articles or news events, and for each one explain how it is possible to see economic forces at work in the story. I am NOT looking for academic articles that explain economics. I am looking for articles that do not even mention economics, but that you can recognize the economics in the article because of what you have learned in the course. These articles must be published after the first day of the current semester. You may not use articles that we have discussed in class or that are listed on Blackboard.
Grading: Each student is required to explain a certain number of concepts to be considered for a grade. After reaching the minimum number of concepts, the project will be graded for content, grammar and spelling, neat and professional presentation, timeliness in turning it in. The final version of your project is due on the last day of classes. It must be uploaded using SafeAssign.
You do not have a number of articles requirement; you have a number of concepts explained requirement. Every student must explain 5 concepts every concept(200-300word). There is a list of possible concepts on the reverse side.
List of concepts that you can find articles to explain:
1) Principle 1: People face tradeoffs
2) Principle 2: Opportunity Cost: The cost of something is what you give up to get it
3) Principle 3: Rational people think at the margin
4) Principle 4: People respond to incentives
5) Principle 5: Trade (or Specialization) can make everyone better off
6) Principle 6: Markets are usually a good way to organize economic activity
7) Principle 7: Governments can sometimes improve market outcomes 8) The production possibilities frontier
9) Absolute advantage
10) Comparative advantage
11) Demand curve: a change in the price of the good itself
12) Demand curve: a change in income: normal good
13) Demand curve: a change in income: inferior good
14) Demand curve: a change in the prices of related goods: substitutes 15) Demand curve: a change in the price of related goods: complements 16) Demand curve: a change in the number of buyers
17) Demand curve: a change in tastes and preferences
18) Demand curve: a change in buyers expectations
19) Supply curve: a change in the price of the good itself
20) Supply curve: a change in input prices
21) Supply curve: a change in technology
22) Supply curve: a change in sellers expectations
23) Supply curve: a change in the number of sellers
24) A market equilibrium
25) A market surplus
26) A market shortage
27) The price elasticity of demand
28) The price elasticity of supply
29) The income elasticity of demand
30) The cross-price elasticity of demand
31) A price ceiling
32) A price floor
33) A tax on buyers and/or sellers
34) Consumer surplus
35) Producer surplus
36) The benevolent social planner and total surplus
37) Efficiencyallocating resources to maximize total surplus
38) Equalityallocating resources uniformly
39) Market failure
40) An externality (either positive or negative) and the attempt to resolve it
41) Chapter 13 Table 3: Two of the many types of costs
42) Profit maximization in a competitive firm
43) Sunk cost
44) Monopoly
45) Price discrimination
46) Oligopoly
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