Define core economic concepts

 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

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