ECON 101 Santa Monica College Principles of Microeconomics Questions Econ 1-Principles of Microeconomics – Course Description: This introductory microecon

ECON 101 Santa Monica College Principles of Microeconomics Questions Econ 1-Principles of Microeconomics – Course Description:

This introductory microeconomics course provides an understanding of basic economic principles and forces, which govern the production, and distribution of goods and services. Topics include: forms of business organizations, the role of government in the economic system, value and price in a free enterprise system, labor/management relations and contemporary economic developments.

The objective of microeconomics is to provide the foundations for understanding of how an economy operates. All economic choices are ultimately made by individuals such as consumers, workers, investors, and managers. This course examines the decision making process of these economic agents and their interactions in individual markets. The functions of private property, entrepreneurship, and government regulation are also discussed. Production and pricing under various market structures, labor markets, and international trade as well as market failure are covered.

Assignment :

Read the Wall Street Journal, The Economist, or any other major newspaper or weekly publication and select a single article or articles that (1) either report on interesting economic news that can be analyzed by the concepts or models taught in this course or (2) discusses one or more economic issues related to the concepts or models taught in this course. It is OK to use an online economics news article.

Write a five-page essay analyzing the topic or critique the article from economic perspectives. Essay must be typed and double-spaced, (Times New Roman, font 12). The questions that you may address in this essay may include, but are not limited, to the following:

1 What is the main economic issue?

2 How is the economic issue related to the concepts or models that you have learned from this course?

3 What sorts of arguments/opinions have been discussed?

4 Do you agree or disagree with the analyses/opinions? Why?

5 What argument would you, as an economist, make?

INDUSTRY STUDY. For a specific industry, choose a current issue such as deregulation, foreign competition, and the impact of new technologies, mergers/takeovers, changing methods of competition, labor problems, or financial changes.

COMPANY STUDY. Study the recent growth or decline of a particular company or its current position. This topic might include such points as the market structure within which the company grew and now operates, the elasticity of demand for its products, the degree of unionization, the cost structure (degree of fixed cost, economies of scale), the role of advertising, the degree of international competition, etc.

INTERNATIONAL ISSUES. Possible topics are: current economic problems of a particular country, OPEC, the European Union, the U. S. trade deficit, protectionism, U. S. trade relations with Japan or other countries, economic development of a particular country, the World Trade Organization, etc.

GOVERNMENT REGULATION. Analyze some particular government regulation or antitrust policy relative to a specific industry or company or analyze a current regulatory issue (environmental protection, OSHA, the FDA, etc.).

A useful link: Resources for Economists on the Internet: http://rfe.org/ (Links to an external site.)Links to an external site.