DESCRIPTION: Microeconomics is very relevant to your life as a consumer, student, worker, and citizen. Please discuss thoroughly based on the detailed requirements!

Step One: Locate ONE current newspaper, magazine, or journal article that directly relates to a topic related to microeconomics. "Current" means published within the last two years. Internet news sites (i.e. www.usatoday.com and www.cleveland.com) are acceptable and recommended as sources. However, your source should be a newspaper, magazine, or journal not merely any educational website.

Step Two: Discuss in length. The purpose is to relate a topic in microeconomics to recent news-worthy events. Part of your discussion should include background information, definitions, etc. Another part should discuss the current event and how that current event relates to the background information.

MUST REFERENCE SOURCE MATERIAL: Documentation of references (i.e. newspaper or magazine articles or relevant web sites) MUST be included.

TOPICS: Find an article of interest to you and relate it to one or more topics of microeconomics.

EXAMPLES: You may choose to discuss one of the following as it appears in The Plain Dealer, Wall Street Journal, or other news resource:

an example of the laws of supply and demand in action (possibly resulting in a shortage or surplus of goods)

an example of externalities or spillover with regard to a certain product or service (i.e. pollutiona negative externalityand the impact of the Clean Air Act on the Northeastern United States)

recent developments in taxation

recent developments in the activities of the public sector (government)

recent developments with trade agreements and alliances 2

an analysis of pricing in a certain industry (identifying it as either inelastic or elastic)

an analysis of costs (fixed vs. variable) in a particular industry

an analysis of the level of competition in a particular industry

recent developments in the regulation of a particular industry