Assignment 1: Principles of Economics
Worth 150 points
Write a two to three (2-3) page paper in which you:
Identify a relevant economic article from either the Strayer Library or a newspaper. The article must deal with any course concepts covered in Weeks 1-4.
In the first two (2) paragraphs, identify at least four (4) key points that the article highlights.
In the next three to five (3-5) paragraphs, apply two (2) of the following economic concepts (supply and demand, market structures, elasticity, and costs of production) to the key points that you highlighted in Question 2.
In your concluding paragraph, state whether you agree or disagree with the author’s comments. Provide a rationale for the response.
Use at least three (3) quality resources in this assignment with one (1) being your article.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
Apply the underlying principles of economics and the economic way of thinking to assess market issues and make business decisions.
Analyze the dynamics of supply and demand to anticipate market equilibrium.
Analyze the elasticity of demand and supply and its importance, and the effect of taxes or other public policies
Describe the impact of various forms of competition on business operations with emphasis on perfect competition.
Use technology and information resources to research issues in principles of economics.
Write clearly and concisely about principles of economics using proper writing mechanics.
TO BE RE-WRITTEN FROM THE SCRATCH
Principles of Economics
Principles of economics are concepts that serve as the foundation of satisfying unlimited wants using scarce resources available (Menger, 1871).
This article covers different courses in principles of economics; ‘An Afghan lesson in supply and demand’ an article printed in Los Angeles Times (Fleishman, 2010). The article explains the demand for private schools in Afghan since the public schools have low quality education. Parents want the best education for their children and since most public schools in Afghan cannot offer this, most parents are forced to send their children abroad to acquire high quality education. The market of private schools is also increasing at an alarming rate in Afghan but the supply is minimal.
Afghan establishment of private schools is faced with limited and lack of capital. Private schools entails spending on educational related expenses that includes, hiring of tutors, setting up of the institutions and the necessary education material required. Willing suppliers of private schools lack capital for the set up of these schools. The article also highlights the lack of available and skilled labor force. From the article the discussed private schools has few teachers who are even unqualified to teach. The school even lacks a head- principal.
The lack of private schools in Afghan indicates low supply of private schools while the demand is high. There are many willing clients to join private schools in afghan and have the funds to pay for the tuition, causing the demand to be high. The supply of private schools is very low causing an imbalance of market structure of demand and supply in the market. Demand for private schools is higher than the supply for private schools. Demand is higher than supplier therefore causing disequilibrium in supply and demand curve.
The market structure of private schools in Afghan also causes market disequilibrium since there is ready market and no source of supply. Due to limited private schools in Afghan their school fees cost might be high due to limited supply and high demand. When the supply is low and demand is high both cost and prices tend to be high.
There are no investors willing to inject their money into the project of private schools in Afghan hence lack capital. Skilled Labor force is also a problem in Afghan. The supply for skilled labor force is very low while the demand for skilled……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
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