Definition of an Economic Concept

Definition of an Economic Concept

Economics is all around us. For the first writing assignment, we targeted the notion of supply and demand? identifying applications in the real world. This assignment is a little more open-ended but you should still be focused on creating a clear, concise application of economic concepts. The assignment is based on the Economic Naturalist assignment developed by Robert Frank in 2006. Because this is a more open-ended assignment, please be sure to thoroughly read the directions.

Definition of an Economic Concept
You must choose one of the following economic concepts to your scene.
Market Power
Consumer Surplus
Law of Diminishing Marginal Utility
Price Elastic
Price Inelastic
Law of Diminishing Returns (Declining Marginal Physical Product)
Economies of Scale
Barriers to Entry
Price Leadership
The definition needs to be in your own words and should be easily understandable for a reader that does not have a background in economics.
Discussion of Concept in Scene
Most of the points will be devoted here so do not fall into the trap of over summarizing.
Discuss how the scene you described demonstrates the economic concept you have defined.
The link should be exceptionally clear between the two when you are done.
Points will be given for choosing the most appropriate concept for the way you have described your scene.

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By admin in Essays on November 1, 2016