ECO7200 - Economics

Media Assignment

Background information:

You are learning about microeconomic and macroeconomic theories, issues, and applications. In this media assignment, you will have the opportunity to research articles and apply your knowledge of the economics as they relate to the articles. The focus of the articles is "change".One article must describe a microeconomic change and the other a macroeconomic change.

Project Requirement:

Microeconomic Change

Find an article that describes a microeconomic change. This would be a change for individuals, groups, or a particular firm.

Identify the article source, writer, and date and provide a link to the source or bibliographical description.

Your report must contain the following:

• Describe the change that the article is written about
• Draw microeconomic graphs to illustrate the change
• Identify the individuals, groups, or firms impacted by the change
• Provide details about how the change impacted the allocation of a scarce resource or resources and any relationship to market failure
• Describe the individual or business decisions that were made to address and deal with the change
• Describe how the individual or business decisions would be different if this change occurred in another economic system. For instance, if the change occurred in a market economy, describe how the decisions to address the change would be different in a command or traditional economy.
• Describe how you would deal with this change if it impacted you personally

Macroeconomic Change

Find an article that describes a macroeconomic change. This would be a change that affects the economy as a whole.

Identify the article source, writer, and date and provide a link to the source or bibliographical description.

Your report must contain the following:

• Describe the change the article is written about
• Identify how the change impacts unemployment and inflation
• Draw graphs to illustrate the impacts of the change on unemployment and inflation
• Explain the macroeconomic policies that were used by the country's government to address the change or the policies that should have been used
• Provide details about how this change has impacted the international competitiveness of the country