Knowledge-Based Application
April 20, 2022
HR CAP 8
April 20, 2022
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• Explain economic principles and their applications in the real world. •

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. Industry Selection and Background Resources Use this resource to select an industry: • NAICS (North American Industry Classification System) These resources are available to help you identify a U.S. industry and the products and services it provides: • Mergent Online Help Video on Mergent Industry Reports • Business Source Complete United States Industry Profiles All Industry Profiles by Country (select Industry Profiles in the left menu Source Types) • Flipster Online Magazines Scroll through to view these recommendations: Bloomberg Businessweek and Fast Company Preparation 1. Begin this assignment by selecting an industry (and/or subsector) from the NAICS list. 2. To best prepare for this assignment, it will be important to review the industry background resources above, The Little Book of Economics and the OpenStax chapter readings, as well as your prior discussion board questions and responses. 3. Use the optional template to help you get started. 4. Get familiar with the Strayer Writing Standards (SWS). (See Instructions below.) Instructions Develop an economic brief that is two to three (2-3) pages long in which you: 1. Select an industry and describe the goods and/or services this industry produces. Pick an industry from the NAICS list. 2. 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.) 3. 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.)

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