To demonstrate your knowledge of macroeconomics by explaining the role of theory in the economy, how an economy is or can be measured, and the role of government in an economy.

Scenario: In your Final Project, you will be creating your own economic system. Imagine that you have the chance to form your own nation and build the economic system from the ground up. What kind of economic system would you create? How would your economic system function? What role does money play in your system? How would you measure the value or output of your economic system? What components comprise of your economic system?

Assume that your new nation must rely upon the exports of other nations to meet the needs of your citizens. Thus, your system is an open system like most economies today.

Rely on the theories we have covered inside and outside of the textbook to help you frame your nation's economic system.

Content Requirements

1. The paper must clearly state, define, and explain whether your economic system is a laissez-faire, market, or command system.
2. The paper must answer the three fundamental questions of an economic system.
   • What should be produced?
   • How should goods and services be produced?
   • For whom should goods and services be produced?
3. The paper must answer the following questions related to the role of government in your nation's economy?
   1. Can your nation's government reduce the severity of the business cycle? If so, how?
   2. How do you fund your government? If taxes are used, what kind of taxes are they?
4. The paper must demonstrate how your nation's economy will be measured and the components that consist of your measurement.For example, do you measure your economy by output or standard of living, or both?
5. What theory or theories will guide you in building your economy?
   1. Example: A command economy would rely on Marx. A laissez-faire economy could rely upon classical, monetarism, supply-side, or real business cycle. A market economy could rely upon Keynes and any other theory or theorist mentioned here or throughout the semester.

CONTENT EC 202 A Final Paper Notre Dame College Business Division Writing Assignment Rubric Criteria Unsatisfactory Meets Basic Requirements Excellent General Content Macro Economic Analysis Maximum Points Points Awarded Content lacks sufficient coverage of topic, relevance, and/or depth of analysis. Terms and definitions not clearly stated (Points: 0-14) Macroeconomic knowledge and analysis are not clear or well supported. Content requirements are insufficiently met (Points: 0-11) Content reflects minor problems re:comprehensive- ness, relevance, detail, and/or persuasiveness. Terms and definitions are reasonably clear (Points: 15 - 19) Macroeconomic knowledge and analysis are clearly stated, though some of the statements are not well supported. Content requirements are met (Points: 12- 15) Coverage of topic is very 25 comprehensive, relevant, well detailed, and persuasive. Terms and definitions are clear and precise (Points: 20-25) Macroeconomic knowledge and analysis are stated clearly and are well supported. Content requirements are sufficiently met. (Points: 16 - 20) 20 Research No academic sources were used to support major points (Points: 0-2) Research meets basic requirements in terms of relevance, credible academic sources, and timeliness (Points: 3) Research is very timely, relevant, and addresses all of the issues stated in the assignment's criteria. At least two academic 5 Analysis sources used Analysis is not based on sound theory or logic. Does not take a clear stance and is not well supported (Points: 0-8) Analysis takes a clear stance though supporting evidence is limited in sections (Points 9-11) (Points: 4-5) Analysis takes a clear stance with ample supporting evidence (Points: 12-15) 15