Assignment Directions
To complete this assessment, you will create a report comprised of two parts. In Part 1, you will analyze how 2 major economic events influenced supply, demand, and economic equilibrium in the U.S. In Part 2, you will evaluate economists’ assessments of the role the 4 factors of production played in determining how the economic concentration you selected has evolved.
Imagine that you are a business consultant tasked with sharing the concepts below with a team of interns who will be supporting the research aspects tied to a new initiative requiring knowledge about economic influence and economic concentration. The use of charts and tables to illustrate data is highly encouraged to help the interns connect the dots.
Create a report incorporating the following:
Part 1: Economic Events & Activity Analysis
Write a 500- to 750-word analysis (Part 1 of your report) assessing how 2 of the following major economic events influenced supply, demand, and economic equilibrium in U.S. economic activity:
• Rapid price increases, such as those caused by the 1973 oil embargo or the aftermath of a major hurricane
• Dramatic employment drops, such as the combined impact of the 2006 housing bubble burst and the subsequent Great Recession
• Crippling interest rates imposed by the Federal Reserve, such as those during the 1975–1985 time period
• Collapse of the Soviet Union in 1991 and the end of the Cold War and the “peace dividend”
• The dot-com bubble from 1994 to 2000, and the subsequent dot-com crash
Part 2: Economic Concentration Evaluation
Select 1 of the economic concentrations (clusters) below:
• Seattle-Tacoma-Olympia, WA aerospace/defense industry
• Central California winemaking industry
• Hollywood movie industry
• Silicon Valley Technology hub
• Texas / Louisiana Gulf Coast crude oil and natural gas production and refining
• Pre-1994 vs Post-1994 US auto and light truck production and the reasons for the change in economic concentration
Write a 700- to 1,050-word evaluation (Part 2 of your report) of economists’ assessments of the role the 4 factors of production played in determining how the economic concentration you selected has evolved. Complete the following in your evaluation:
• Analyze how the economic concentration in the area you chose was influenced by competition and pricing.
• Analyze how the economic concentration in the area you chose influenced the supply chain.
• Analyze which of the 4 factors of production were the most and least important in determining the economic concentration of the area you
chose.
• Predict changes you anticipate for the area of economic concentration you chose. Support your predictions.
Consider the resources provided and other academically appropriate sources.
Compile Parts 1 and 2 into one report.
Cite at least 2 academically credible sources for each part. The use of charts and tables to illustrate data is highly encouraged.
McConnell, C. R., Brue, S. L., & Flynn, S. M. (2021). Economics: Principles, problems, and policies (22nd ed.). McGraw-Hill Education.
Pugel, T. A. (2020). International economics (17th ed.). McGraw-Hill Education.
