31 Dec Select 1 of the economic concentrations (clusters) below: Seattle-Tacoma-Olympia, WA aerospace / defense industry Central California winemaking industry Hollywood mo

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SafeAssign Originality Report

ECO/535: The Digital Economy•Wk 2 – Apply: Summative Assessment: Economic Concentration Evaluation [due Day 7]View Originality Report – Old Design

Gbenga AdeogunTotal Score:

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44 % ECO 535 – Week 2.docx

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  Economic Concentration Evaluation

  Gbenga Adeogun

  Bobbie Murray

  ECO/535

  January 10, 2022

  SUMMATIVE ASSESSMENT:

  1

  ECONOMIC CONCENTRATION EVALUATION

  Option 1:

  2

  Seattle-Tacoma-Olympia, WA aerospace/defense industry

  For more than a century, Washington, D.C., has been a hotbed of aviation innovation.

  1

  In 1910, at a display at the newly founded University of Washington, the state of Washington experienced its first aircraft flight.

  When the Boeing Company was founded in 1917, it quickly started producing floatplanes for the United States military along Lake Union's shoreline for its wartime activities (Cruz & de Oliveira Dias, 2020).

  The majority of commercial airplanes built in the United States today are made in Washington State.

  The aerospace and military business in the Seattle-Tacoma-Olympia, WA region, centered on the Boeing Company, has afforded me the chance to see some of the most groundbreaking developments in the state.

  3

  Analyze how the economic concentration in the area you chose was influenced by competition and pricing.

  1

  The aerospace and defense industry's concentration in Seattle, Tacoma, and Olympia, WA, is driven by competition and price.

  Considering the influence of globalization on the industry's demand and income levels as well as supply chain, pricing is altered.

  For the first time, Washington's aerospace/defense sector is no longer only a practical product;

  it is now seen as a prestigious symbol of the business's prosperity.

  As a result, the sector is now compelled to follow market trends in order to preserve its standing, which in turn would have an impact on our economy.

  Additionally, the Seattle-Tacoma-Olympia aerospace and military industries were adversely impacted by rising oil prices, which resulted in higher import costs for the goods they purchased.

  3

  Analyze how the economic concentration in the area you chose influenced the supply chain

  Success in the aerospace and military industry relies heavily on an efficient supply chain.

  1

  Supply chains that are both effective and efficient help A&D companies achieve their strategic and financial objectives.

  In Washington state, the aerospace industry is a key contributor to the state's economy.

  1

  An important source of innovation, economic development, and wealth creation for the state is anchored by The Boeing Company and backed by a wide supplier network. In 2020, sales will drop by 47 percent in a single year.

  4

  More than 600 aerospace workers in Snohomish County lost their jobs as a result of the pandemic, which translated into an overall employment loss of 23% at those 16 firms.

  5

  Analyze which of the four factors of production were the most and least important in determining the economic concentration of the area you chose.

  1

  The most important factor in influencing the economic concentration of the aerospace/defense industry in Seattle-Tacoma-Olympia, WA, is human resources.

  This is due to the fact that the company's economic success is dependent on human resources.

  1

  Investing in human resources may increase the production of other resources in the long run and can majorly be undertaken through education, training, and healthcare.

  Human resources are critical to the company's success since it relies on its employees to be well trained and educated.

  1

  On the other hand, the capital was by far the least essential aspect.

  No country's success or failure is determined only by its access to financial resources.

  1

  Every company that appears to be a good bet to produce money attracts capital. These are not the factors that contribute to the company's long-term success.

  As a result, it is the least important consideration to ensure that the firm has a well-trained and efficient workforce.

  1

  Predict changes you anticipate for the area of economic concentration you chose. Support your predictions.

  With all of the difficulties and accomplishments that come with being at the forefront of this sector, Covid-19 had a profound effect on it last year.

  The COVID-19 pandemic of 2020 would be another first for mankind.

  As the globe battled this terrible illness, global aviation traffic declined significantly.

  In terms of our sector, civil aerospace, which accounts for 61% of our total output, was especially heavily impacted (Ennen & Batool, 2018).

  Boeing's 737 Max jets have been forced to land at least a dozen carriers owing to electrical concerns, so that's another hurdle.

  However, while this issue is being dealt with, I believe there is an uptick in the industry.

  With immunizations so widely accessible, I can state that people are no longer hunkering down in their homes and are instead eager to get outside and reclaim their ability to fly.

  It's a good time to be in the sector since people are eager to take vacations throughout the summer, which means more employment will be created, which in turn will help the economy recover.

  References

  Cruz, B.

  S., & de Oliveira Dias, M.

  (2020).

  Crashed boeing 737-Max:

  fatalities or malpractice.

  GSJ, 8(1), 2615-2624.

  Ennen, D., & Batool, I.

  (2018).

  Airport efficiency in Pakistan-A Data Envelopment Analysis with weight restrictions.

  Journal of Air Transport Management, 69, 205-212.

  Source Matches (16)

  • 1Student paper100%
    

    Student paper

    Economic Concentration Evaluation

    Original source

    Economic Concentration Evaluation

  • 1Student paper100%
    

    Student paper

    ECONOMIC CONCENTRATION EVALUATION

    Original source

    Economic Concentration Evaluation

  • 2Student paper74%
    

    Student paper

    Seattle-Tacoma-Olympia, WA aerospace/defense industry

    Original source

    SEATTLE-TACOMA-OLYMPIA, WA

  • 1Student paper63%
    

    Student paper

    In 1910, at a display at the newly founded University of Washington, the state of Washington experienced its first aircraft flight.

    Original source

    The state witnessed its first airplane flight in 1910 during an exhibition at of the newly-established University of Washington

  • 3topcustomwriters100%
    

    Student paper

    Analyze how the economic concentration in the area you chose was influenced by competition and pricing.

    Original source

    Analyze how the economic concentration in the area you chose was influenced by competition and pricing

  • 1Student paper74%
    

    Student paper

    The aerospace and defense industry's concentration in Seattle, Tacoma, and Olympia, WA, is driven by competition and price.

    Original source

    The economic concentration in the Seattle-Tacoma-Olympia, WA aerospace / defense industry is influenced by competition and pricing

  • 3topcustomwriters100%
    

    Student paper

    Analyze how the economic concentration in the area you chose influenced the supply chain

    Original source

    Analyze how the economic concentration in the area you chose influenced the supply chain

  • 1Student paper65%
    

    Student paper

    Supply chains that are both effective and efficient help A&D companies achieve their strategic and financial objectives.

    Original source

    Effective and efficient supply chains enable A&D organizations to meet their strategic and financial goals

  • 1Student paper65%
    

    Student paper

    An important source of innovation, economic development, and wealth creation for the state is anchored by The Boeing Company and backed by a wide supplier network. In 2020, sales will drop by 47 percent in a single year.

    Original source

    Anchored by The Boeing Company and supported by an extensive supply chain, the aerospace sector is a key source of innovation, economic growth, and wealth creation across the state 47 percent single year loss in revenue in 2020

  • 4Student paper65%
    

    Student paper

    More than 600 aerospace workers in Snohomish County lost their jobs as a result of the pandemic, which translated into an overall employment loss of 23% at those 16 firms.

    Original source

    That computed to a 23% loss in total employment at those 16 companies, representing over 600 individuals who lost aerospace jobs in Snohomish County due to the pandemic

  • 5Student paper100%
    

    Student paper

    Analyze which of the four factors of production were the most and least important in determining the economic concentration of the area you chose.

    Original source

    Analyze which of the four factors of production were the most and least important in determining the economic concentration of the area you chose

  • 1Student paper100%
    

    Student paper

    The most important factor in influencing the economic concentration of the aerospace/defense industry in Seattle-Tacoma-Olympia, WA, is human resources.

    Original source

    The most important factor in influencing the economic concentration of the aerospace/defense industry in Seattle-Tacoma-Olympia, WA is human resources

  • 1Student paper100%
    

    Student paper

    Investing in human resources may increase the production of other resources in the long run and can majorly be undertaken through education, training, and healthcare.

    Original source

    Investing in human resources may increase the production of other resources in the long run, and can majorly be undertaken through education, training, and healthcare

  • 1Student paper63%
    

    Student paper

    On the other hand, the capital was by far the least essential aspect.

    Original source

    On the other hand, the least important factor was capital

  • 1Student paper100%
    

    Student paper

    Every company that appears to be a good bet to produce money attracts capital. These are not the factors that contribute to the company's long-term success.

    Original source

    Every company that appears to be a good bet to produce money attracts capital These are not the factors that contribute to the company's long-term success

  • 1Student paper100%
    

    Student paper

    Predict changes you anticipate for the area of economic concentration you chose. Support your predictions.

    Original source

    Predict changes you anticipate for the area of economic concentration you chose Support your predictions