Assignment 1: Economic Brief #1

Please read all instructions and requirements needed for this assignment, and please…NO PLAGIARISM!The attachments provided are needed to complete this assignment such as Week 1 and week 2 assignments, optional template and example brief.***Once a tutor is assigned the login information will be provided.***This assignment is aligned to course outcome 1 and its enabling learning objectives:Explain economic principles and their applications in the real world a. Define core economic concepts related to macroeconomics and microeconomics b. Describe the role of goods and services in the economy c. Discuss any economic growth factors that impact a specific industry d. Use a diagram or graph to illustrate an economic trendIn 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 the industry you selected. Industry Background Resources These resources are available to help you: Industries at a Glance Mergent Online Help Video on Mergent Industry Reports Business Source CompleteUnited States Industry ProfilesAll Industry Profiles by Country (select Industry Profiles in left menu Source Types) Flipster Online Magazines Scroll through to view these recommendations: Bloomberg Businessweek and Fast CompanyPreparation 1. To begin this assignment, recall the industry you researched in Week 1. You can use that industry to complete the following assignment. 2. Review the example brief to see a good example and use the optional template to help you get started. 3. To best prepare for this assignment, it will be important to review the industry background resources, The Little Book of Economics and OpenStax chapter readings, as well as your prior discussion board questions and responses.Instructions With your selected industry in mind, develop a 2-page economic brief in which you address the following items: 1. What goods and/or services does this industry provide? 2. What economic principles covered in Weeks 1–3 (e.g., scarcity, inflation, unemployment, demand and supply, and production) would impact this industry? (Review the weekly outline in your course guide for all principles covered in Weeks 1–3.) 3. Include an existing graph, chart, or table that relates to your summary. (optional for Brief 1) 4. Describe any notable trends that you would highlight about this industry. 5. Follow Strayer Writing Standards. Note: You’ll be prompted to enter your Blackboard login to view. Your brief should be at least 2-pages in length double-spaced.
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Economic Brief #1:
Economics and the Aerospace Industry
By Maria Young
ECO100
Professor Smith
May 1, 2018
ECONOMIC BRIEF #1
Economic Brief #1:
Economics and the Aerospace Industry
The aerospace industry plays a critical role in the economy as it is a major mode of transportation
for professional and personal travel. There are many airline companies, and the seven largest U.S. airlines,
according to Business Insider include: Delta, Southwest, American, United, Alaska, JetBlue, and Spirit
(1). Although airline travel is an efficient way for individuals to connect, with advances in technology
there is some decline in travel for business purposes. This Economics Brief will discuss the airline
industry and specifically discuss their goods and services, a few economic factors that relate to this
industry, and highlight a trend related to the future of this industry.
Goods and Services
The airline industry provides a service in that it enables passengers to travel using different types
of planes and routes, based on different airlines. More airlines are also starting to sell additional goods
and services such as credit cards with airline miles, with the goal that this will create loyalty to travel with
a specific airline company. With respect to the service provided by airlines, individuals will also see
differences in price values based on their travel preferences, such as the time of day, location of travel,
type of aircraft, seating preferences (first class v. economy), number of stops, and how early or late the
flight was booked. There are also additional factors that would impact the goods and services provided
within this industry because travel can be either domestic or international, and longer flights often provide
more services and amenities.
Economic Concepts
There are many economic concepts that relates to the airline industry, but this brief will focus on
the Law of Supply and Law of Demand. The Law of Supply would imply that airlines have the goal of
maximizing their profit by having more flights running and charging a more expensive price. Also, these
airline companies would not want to send empty flights, so they would also try to find flight times that
2
ECONOMIC BRIEF #1
might maximize their number of passengers per flight. The Law of Demand would imply that customers
will travel more if prices decline and are more affordable.
There are often last-minute sales from the airline companies that are posted online with the goal of
encouraging more individuals to travel, since the price was reduced. Although airlines will not receive full
price on this individual’s ticket purchase, it will still help them to reach their flight capacity. Another
important economic concept that stems from these ideas of supply and demand is competition. As prices
and travel options fluctuate, individuals may look at different travel alternatives or different airlines to
reduce costs, leading airline companies to evaluate their prices on a daily basis in comparison with
competitor’s rates.
Economic Trend
Currently, according to the Federal Aviation Administration every day there are over “42,000
flights and 2.5 million passengers” (2). However, one notable trend over the past decade is an overall
decrease in business travel, as seen in the visual below from CBS (3):
3
ECONOMIC BRIEF #1
In conclusion, as technology continues to advance, it will be interesting to see what happens in the future,
especially as both first/business and economy class travel is on the decline.
4
ECONOMIC BRIEF #1
Reference Page
1. Business Insider. (2016). Retrieved from http://www.businessinsider.com/these-are-the-7-biggestus-airlines-2016-4#1-delta-7
2. Federal Aviation Administration. (2017). Retrieved from
https://www.faa.gov/air_traffic/by_the_numbers/
3. CBS News. (2009). Retrieved from https://www.cbsnews.com/news/december-premium-airtraffic-down-more-than-13-percent/
5
ECO 100 – Principles of Economics
Assignments and Rubrics
Assignment 1: Economic Brief #1
Due Week 3, worth 150 points
This assignment is aligned to course outcome 1 and its enabling learning objectives:
Explain economic principles and their applications in the real world
a. Define core economic concepts related to macroeconomics and microeconomics
b. Describe the role of goods and services in the economy
c. Discuss any economic growth factors that impact a specific industry
d. Use a diagram or graph to illustrate an economic trend
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
the industry you selected.
Industry Background Resources
These resources are available to help you:
• Industries at a Glance
•
Mergent Online
Help Video on Mergent Industry Reports
•
Business Source Complete
United States Industry Profiles
All Industry Profiles by Country (select Industry Profiles in left menu Source Types)
•
Flipster Online Magazines
Scroll through to view these recommendations: Bloomberg Businessweek and Fast Company
Preparation
1. To begin this assignment, recall the industry you researched in Week 1. You can use that
industry to complete the following assignment.
2. Review the example brief to see a good example and use the optional template to help you get
started.
3. To best prepare for this assignment, it will be important to review the industry background
resources, The Little Book of Economics and OpenStax chapter readings, as well as your prior
discussion board questions and responses.
Instructions
With your selected industry in mind, develop a 2-page economic brief in which you address the following
items:
1. What goods and/or services does this industry provide?
2. What economic principles covered in Weeks 1–3 (e.g., scarcity, inflation, unemployment, demand
and supply, and production) would impact this industry? (Review the weekly outline in your
course guide for all principles covered in Weeks 1–3.)
3. Include an existing graph, chart, or table that relates to your summary. (optional for Brief 1)
4. Describe any notable trends that you would highlight about this industry.
5. Follow Strayer Writing Standards. Note: You’ll be prompted to enter your Blackboard login to
view. Your brief should be at least 2-pages in length double-spaced.
© 2018 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be
copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University.
Page 1 of 2
ECO 100 – Principles of Economics
Rubric Assignment 1
Grading for this assignment will be based on the quality of your responses in addressing each of the
points below, using the following rubric.
Points: 150
Criteria
1. Description of
the goods
and/or
services the
selected
industry
provides.
Weight: 30%
2. Identifies at
least one
economic
principle that
impacts this
industry.
Weight: 30%
3. Describes a
notable trend
about this
industry.
Weight: 30%
4. Uses Strayer
Writing
Standards to
write
professionally
and cite
sources.
Exemplary
90–100% A
The student
provided a
complete
description of
the goods
and/or services
the industry
provides.
Assignment 1: Economic Brief 1
Proficient
Fair
Meets Minimum
Expectations
80–89% B
70–79% C
60–69% D
The student
The student
The student
provided many of provided some
attempted to
the details that
of the details
describe the
describe the
that describe
goods and/or
goods and/or
the goods
services the
services the
and/or services industry provides,
industry provides. the industry
but excluded
provides.
many details.
The student
correctly
identified one or
more economic
principles and
accurately
described how it
impacts the
industry.
The student
accurately
described a
notable trend
about the
industry.
The student
identified one or
more economic
principles but
didn’t completely
describe how it
impacts the
industry.
The student
partially
identified an
economic
principle but
didn’t describe
how it impacts
the industry.
The student
described a trend
about the
industry but
some details
were lacking.
The student
partially
described a
trend about the
industry.
Followed all
writing
standards.
Met page
minimums.
Followed most
writing standards.
Met page
minimums.
Followed some
writing
standards.
May not have
met page
minimums.
Unacceptable
Below 60% F
The student did
not provide a
description of the
goods and/or
services the
industry provides.
The student
attempted to
identify and
explain how an
economic
principle impacts
the industry, but
excluded many
details.
The student
attempted to
describe a
notable trend
about the
industry, but
excluded many
details.
The student did
not identify any
economic
principles that
impact the
industry.
Followed few
writing standards.
May not have
met page
minimums.
Followed few to no
writing standards.
Did not meet page
minimums.
The student did
not describe a
trend about the
industry.
Meets page
minimums.
Weight: 10%
© 2018 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be
copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University.
Page 2 of 2
Activity 1 Research Industry Background Template
Name: Brenda W. Frye
Date: 04 April 2018
1. List at least one industry you are interested in researching more for your assignments or list the
industry in which you work. (You can use supersector, sector, or subsector levels.)
The industry of interest is the Health Care and Social Assistance which is part of the super sector of
Education and Health services (United States Department of Labor, 2018).
2. What types of goods and/or services does this industry provide?
This particular industry is made up of establishments that ensure the provision of social assistance and
healthcare to individuals. All other sectors that exist in this segment are organized in a continuum
beginning with those that provide healthcare services and social help followed by those that only offer
social support (United States Department of Labor, 2018). Only trained specialists deliver services in
this industry. All segments have a standard process, specifically the social workers or health
practitioners’ labor inputs with the necessary proficiency. The description of most segments in this
sector is based on education degrees that practitioners hold (United States Department of Labor,
2018).
The major subsectors of the health care and social assistance industry include; Social Assistance,
Hospitals, Nursing and Residential Care facilities along with Ambulatory Health Care Services(United
States Department of Labor, 2018).
3. In what ways does scarcity impact this industry?
This industry is impacted by scarcity in terms of limited resources and unfulfilled jobs. Resources are
limited in terms of the workforce, hospitals, and equipment. The workforce that is currently present in
this industry is inadequate to meet the needs of the entire population of the United States. Hospitals
and essential equipment required for service delivery are also inadequate which creates a big
challenge in the delivery of healthcare and social support (United States Department of Labor, 2018).
Activity 2: Relating Economic Concepts to Current Events Template
Name:
Date:
1. What is the economic concept you selected?
The selected economic concept in the Health Care and Social Assistance industry is scarcity.
2. How would you describe this concept to a friend or colleague?
In this industry, scarcity refers to a state of being in short supply in terms of the workforce,
equipment and healthcare facilities.
3. What is a current event, article, or video that relates to this concept? (Include the URL link
to a video or article that further discusses this concept, but do not use Wikipedia.)
The article titled “Home Health Care Worker Shortage Affects Region’s Seniors” relates to
the concept of scarcity in the Health Care and Social Assistance Industry. This article is
available at http://www.vnews.com/Worker-Shortage-Hits-Elderly-and-Those-withDisabilities-Close-to-Home-16352505.
4. How does this current event, article, or video relate to this concept?
This article discusses about the growing patient population which is below applicants pol
which is due to an overall, low rate of unemployment which result from an aging
demographic, low pay and hardwork that entails caring for aging adults at home. This article
describes in details how shortage of workforce impacts all sectors of the economy more so the
heath sector where employers are forced to offer nursing assistants and nurses loan
repayments, flexible hours, part-time employment opportunities after retirement and on-thejob training.
Economic Brief #1:
Title
By Your Name
ECO100
Professor’s Name
Date
ECONOMIC BRIEF #1
Economic Brief #1:
Title
Introduction paragraph. Enter your introduction here.
Goods and Services
Enter your text for this section here.
Economic Concepts
Enter your text for this section here.
Economic Trend
Enter your text for this section here.
2
ECONOMIC BRIEF #1
Reference Page
1. List in order of use.
2. List a second source here if used.
3. Repeat for additional sources
3

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