Prepare a current event journal analyzing a recent news article (within last three months) that addresses one of the topics we have discussed in Chapters 1-4 and 6.

A one to two page (double-spaced) typewritten journal entry shall accompany the article. Each journal entry must: (1) summarize the article; (2) identify and define the economic concepts in the article; (3) apply the economic concept and analyze the facts presented in the article relying on those concepts; (4) the article must have been published within the last 6 months; and (5) cite the article using an appropriate academic citation style.

Use the following template to fulfill the requirements:

I. Summary of Article

I want to know what the article is discussing. This should be a brief summary but enough to explain the important aspects of the article (e.g., who, what, where, why, when, how).

II. Identify Issue

After summarizing the article, youll need to identify and define the economic concept that is addressed in the article. If the article references an economic term or theory, define all the relevant terms. If youre discussing an article that does not explicitly discuss an economic issue, identify the economic theory and define all relevant terms. [The best source for definitions is our text].

III. Application

After youve summarized the article and identified and explained the economic concept(s), youll need to apply the concept(s) and analyze the article relying on the concept(s). In order to successfully complete this portion of the journal, you should specifically show how the economic concepts/theories help explain the events in the article. You may also wish to show whether the economic theory predicts how the future events will unfold. Additionally, you may (but are not required) utilize any of the models/graphs discussed in this unit to help apply the concepts to the article.

Here's example of aneconomic music journal to get an idea of what I am looking for

Song Title: Jolene; Artist: Dolly Parton; Lyrics

Summary of Song Lyrics:

The narrator in this song is concerned that Jolene will take [her] man. The song is a one-sided conversation where the narrator tries to convince Jolene to leave her man alone.

The narrator recognizes that she does not compare to Jolene. She states that Jolenes beauty is beyond compare, her smile is like a breath of spring, and her voice is soft like summer rain. After making these realizations, the narrator realizes that cannot compete with [her]. Complicating matters more for the narrator is that her man seems to be interested in Jolene. Her man talks about [Jolene] in his sleep and call [Jolenes] name.

Given this reality, the narrator is begging Jolene to not choose her man just because [she] can. Pointedly, the narrator puts pressure on Jolene by saying that the narrators happiness depends on Jolene not choosing her man. In the end, Jolene has a choice and we dont know what she will decide to do.

Identify Economic Concept:

The opportunity cost is the cost/value of the next best foregone opportunity that is given up when making an either/or decision.

Application of Economic Concept(s) and Analysis:

Depending on the perspective of each character, this song offers a few applications of how the characters choices can be analyzed using opportunity cost.

Lets first consider the narrators situation. At this point in time, she has made her choice. The narrator has selected her man and has foregone other men. She explains to Jolene how much she values him (But you don't know what he means to me). She also states that if Jolene chooses her man, she could never love again. This would suggest that the narrator does not have a backup suitor lined up (no foregone opportunity in terms of suitors). In fact, based on this presentation it appears that the narrators next best opportunity if her man leaves her is a life without a partner to love (e.g., could never love again).

Next, we need to consider the narrators mans choice between the narrator and Jolene. Based on the narrators description of her man talking about Jolene in his sleep, it would appear that the narrators man values Jolene greater than the narrator. As such, it would appear that if Jolene was interested in the narrators man, as a rational decision-maker, the narrators man would choose Jolene. That outcome, however, does not mean that the narrators man will end up with Jolene. Jolene must still make a choice. And that decision is the crux of the song.

Jolene seems to have many choices of men at her disposal. The narrator states that Jolene could have her choice in men and implores Jolene not to take her man even though you know you can. To put emphasis on the importance of Jolenes decision, the narrator states simply that her happiness depends on [her].

If Jolene is acting as a rational economic actor, and using economic concepts to guide her decision-making, she would choose the narrators man as long as she valued him more than her next best choice. The narrators appeal to Jolenes ego by stating that Jolene has her choice in men emphasizes all of the other options available to Jolene in the hopes that Jolene will realize that there are other suitors who are greater in value than the narrators man (an appeal to Jolenes ego is also the focus of the first verse of the song). The narrator wants Jolene to choose one of those suitors over her man by implying that the other suitors have a greater value than her man.