Explain the role of scarcity, specialization, opportunity cost 

Explain the role of scarcity, specialization, opportunity cost and cost and benefit analysis in economic decision-making. Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output

Explain the role of scarcity, specialization, opportunity cost

Explain the role of scarcity, specialization, opportunity cost and cost and benefit analysis in economic decision-making
SLO 2
(20%)

Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output
SLO3
(10%)
Summarize the law of diminishing marginal utility; describe the process of utility maximization

SLO 6
(10%)
Identify the four market structures by characteristics; calculate and graph the profit maximizing price and quantity in the output by use of marginal analysis

THECB Core Objectives Assessed in this assignment

1.            Critical Thinking Skills (CT) – to include creative thinking, innovation, inquiry, and the analysis, evaluation, and synthesis of information. 10%
2.            Communication Skills (COM) – to include effective written, oral and visual communication. 10%
3.            Empirical and Quantitate Skills EQE) – to include manipulation and analysis of numerical data and observable facts resulting in an informed conclusion. 10%
4.            Social Responsibility (SR) to include the ability to connect choices, actions, and consequences to ethical decision making.  10%

Assignment Directions:

This is a semester assignment that requires team participation, individual follow-up submission, and group presentation. Depending on the number of students we have in class, we will have at least four groups in each session working together until the final project is realized. As I have already discussed with you, each group will be assigned a research project.
For Micro, your research project is as follows:
1.            You will search “why President Trump retaliates in trade war by escalating tariffs on Chinese imports and demanding companies to cut ties with China?”. Imagine you are a framer in Iowa, what affect will your farm business have should the U.S. impose more tariffs in China? How does the tariff affect both businesses and individuals in U.S. and China?

The project will have two parts: First, you are responsible for your own search on the topic. Each student will be required to turn in his/her paper on the due date stated in this document.

Second part, you will be assigned in group to present the outcome of your research paper.

While writing your signature assignment paper or project you should consider the following:

A typical project paper or group project for this course might survey around 5-7 articles (depending on the nature of the literature).
You should mention all of them when their subject matter arises, but you might focus on approximately 5 articles. I prefer one or two of the articles to be “peer reviewed” article.
Firstly, Your paper must draw from and cite a minimum 1 primary and 1 secondary source. *

Secondly, Articles mentioned in your paper should be “References or “Biography”, given the complete citations.

Thirdly, your paper must be typed, double-spaced, Times New Roman 12 –point font, and a minimum of 1000 words in length*

Fourthly, Pages must be number ed.

Further, Footnotes should contain complete sentences which expresses thoughts that are too tangential to put into the text of the paper.

Additionally, Your paper should have three or more numbered sections, each with a title like – Introduction, Conclusion, etc. The tiles of the section other than introduction and conclusion will depend on the content of your paper.

Also, Your paper should have an introduction telling the reader the sequence of things you will present, and a conclusion, summarizing what you have done.

Moreover, Your paper must have a title page where you state your name or team members, the title of the paper, course number for your paper, the semester, and, and the year the paper has been written.

Also, For each paper on which you focus in depth, state clearly: (a) what questions does it ask? (b) How does it try to answer them? (c) What conclusions does it come to?

Furthermore, Your paper will count towards 20% of your final grade. *

Additionally, Papers will be graded according to the essay rubric posted online

Also, Use appropriate in-text citations and a complete bibliography, formatted according to the most recent edition of academic citation style (MLA)

Lastly, Soon after the paper has been submitted, the group presentation portion will start.  (Presentation grade will be 100 points (See assignment 2 rubric)
The specific functions regarding assignment due dates may vary according to individual instructors. Finally, items marked with an asterisk (*) are set assignment parameters that cannot be changed by individual instructors.

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