Fundamentals of Microeconomics, Level A Final Assessment: Outline and Rubric Purpose of this Assessment The study of economics aims to understand and analyze the scarcity of resources and how they are used. Microeconomics focuses more specifically on the decisions made at the individual level, rather than at an aggregate or national level. In this competency, you learned about the concept of scarcity, the fundamental questions of microeconomics, the laws of supply and demand, and consumer behavior and decision-making. In this Final Assessment, you will demonstrate your understanding of these introductory microeconomic concepts by writing a paper that addresses these topics. Items Required for Submission 1. A 5-7 page paper (not including the title page and references) that connects a selected product or service to concepts covered in the Fundamentals of Microeconomics, Level A competency. Step ONE: Preparation For this assignment, you are expected to demonstrate your knowledge of microeconomics by critically analyzing a product or service of your choice. As you prepare to evaluate this product or service, review the competency content to better understand the key topics that were noted. In addition, you will want to consider conducting some in-depth research about the product or service you selected and understand the scarcity, production, supply, demand, elasticity, and consumer behaviors related to this selection. Final Assessment: Outline and Rubric 1 Fundamentals of Microeconomics, Level A Final Assessment: Outline and Rubric Step TWO: Select a Product or Service This Final Assessment will require that you demonstrate your understanding of microeconomic concepts as it applies to a specific product or service. Spend some time reviewing the structure of the paper below in Step Three and considering a product or service that you are familiar with and that you could find additional information on. Specifically, the type of information you will want to understand about this product or service includes the availability of this item, the cost, substitutes, elasticity, demand and supply of this item, and consumer behaviors regarding this item. Throughout your paper, you will want to incorporate concepts and vocabulary from the competency content to strengthen your analysis. Step THREE: Write Your Paper The following outlines the structure of this paper: ● Title Page (Using APA) ● Introduction (1 paragraph) ○ Describe briefly the purpose of the research paper and your goals for it. ○ Provide a brief introduction to the concept of microeconomics and scarcity. ○ Explain the product of service that you will be reviewing within this paper. ● Scarcity and the Fundamental Economic Questions (minimum 0.5 pages) ○ Present your product or service of choice and explain what draws your interest to it. ○ Note how scarcity could apply to your product or service. ○ Explain your product or service in the context of the three fundamental economic questions: ■ What should be produced? ■ How should goods and services be produced? ■ For whom should goods and services be produced? ● Market Conditions (minimum 1 pages) ○ Present an overview of the current market conditions related to the industry within which your product of service exists. ○ Assess how economic growth would impact this product or service. ○ Identify the top three companies in the industry that provide your product/service or a similar competing product. ○ Discuss the supply of this product or service in the context of the Law of Supply. ○ Discuss the demand for this product or service in the context of the Law of Demand. ○ Explain how equilibrium is reached for this product or service and if there has ever been a surplus or shortage. ● Price Changes (minimum 1 page) ○ Describe how price changes would impact the demand and supply for your product or service. Give a specific example(s). ○ Identify if your product or service is elastic or inelastic and why you believe this is the case. Final Assessment: Outline and Rubric 2 Fundamentals of Microeconomics, Level A Final Assessment: Outline and Rubric ○ Connect your product or service, as applicable, with concepts such as the: budget set, budget line, marginal utility, choice, rationality, individual demand, changes in income, changes in price, and the valuation approach. ○ Explain the marginal costs and benefits of your product or service. ● Consumer Behavior and Preference (minimum 1 pages) ○ Explain consumer behaviors and preferences related to the product or service you selected. ○ Assess how your item relates to utility and how consumers make choices when they face budget and time constraints. ○ Examine the factors that influence your buying decisions related to this product or service. ○ Identify the situational, personal, psychological, and societal factors that could impact consumer choices around the product or service. ● Visualization ○ Include any type of a visual in the body of your paper to further illustrate data related to the product or service you selected or a microeconomic concept you are addressing. ○ Examples could include: a graph, chart, table, model, infographic, etc. ○ Explain the connection that this visual provides with the content being discussed within the paper. ● Conclusion (1 paragraph) ○ Conclude your research with a summary of your major findings and ideas. ● References ○ Include a minimum of 4 different references are used throughout the paper in-text and within the References page. All APA rules for paper formatting, citing and references should be followed. Step FOUR: Complete Checklist for Submission Before you submit your work, check to see if you have met the criteria noted below. Did you: ✓ Ensure your paper includes an introduction that clearly describes microeconomics and scarcity. ✓ Clearly explain your choice of the product or service you selected? ✓ Substantively apply scarcity to the product or service you selected? ✓ Provide a substantive analysis regarding the fundamental economic questions? ✓ Include evidence to support thoughts about the current market, impact of economic growth, and competitors? ✓ Present a substantive argument regarding supply, demand, and the equilibrium point? ✓ Clearly explain any connections between your selected item and shortages or surpluses? ✓ Examine the impact of price changes and elasticity? ✓ Connect and apply additional economic factors related to price changes (Ex: budget set, budget line, marginal utility, choice, rationality, individual demand, changes in income, changes in price, and the valuation approach)? ✓ Explain the marginal costs and benefits of your product or service? Final Assessment: Outline and Rubric 3 Fundamentals of Microeconomics, Level A Final Assessment: Outline and Rubric ✓ Make connections to consumer behaviors, preferences, and utility? ✓ Integrate the situational, personal, psychological, and societal factors that could impact consumer choices? ✓ Include a visual that enhances and supports your key points? ✓ Utilize a minimum of 4 sources? ✓ Follow all APA rules including using in-text citations and proofread for any writing mechanics issues? ✓ Verify your paper is between 5 – 7 pages in length (not including the title page and references page)? Step FIVE: Submit Your Work ● Your completed files should be submitted through the Final Assessment page of your competency. ● Please note, for files smaller than 10MB (e.g., most Word documents), use the corresponding “+UPLOAD STUDENT FILE” button to upload your Final Assessment documents. For larger files of any type (e.g., voice over PowerPoint files, video presentations), please use the optional TEXT EDITOR to provide a URL where your tutorial faculty can download your file. ● How you create a download URL is up to you, but various free online providers, including Google Drive and Dropbox, offer this service. Please make sure that the URL you provide can be accessed by anyone with the link. For further instructions on how to create public links for uploaded files, consult the support pages for your chosen provider. List of Templates/Resources Needed The following resources may provide some support to assist you with your paper:
