Economic Brief

This assignment is aligned to these course outcomes:

•Explain economic principles and their applications in the real world.
•Summarize the different types of market structures and the role of government in economics.

In the workplace, we are often asked to create “briefs.” A brief provides a snapshot, or short, written summary, of a situation or event that has occurred. It is generally just a few pages long and may include additional visuals like a graph, chart, or table. In this assignment, write a brief about economic concepts in an industry that interests you.

hi Here are some additional instructions and please use the attached template

1. Choose an industry and describe its market structure. This can be any industry you like. It might be more fun to choose an industry that interests you, or perhaps one where you’re currently working. Market structure refers primarily to the number of firms in the industry. Is it a monopoly with one firm? An oligopoly with a few firms? Or is it competitive with many firms? If the industry has many firms, it will be perfectly competitive if everyone sells basically the same thing (like an agricultural product), or monopolisticallly competitive if firms sell slightly different products (like restaurants). Oligopoly and monopolistic competition are the most common types of market structure.

2. Here it says: “Describe any notable microeconomic relationships, market outcomes, and/or trends in this industry. ” By “microeconomic,” we mean something related to prices or output levels in the industry. Look for information on anything that has caused prices or output to change in this industry. These can be one-time changes, or long term changes (a trend). Include a graph, chart, or table that shows these changes. This can be simple or complex. If you copy and paste something from another source, be sure to say what that source was.

3. Finally, look for information on the way government policies have affected the industry you selected. These could include narrow regulations like environmental or safety rules that are specific to your industry. Or they could be broader like minimum wage or tax laws that affect many industries. They could come from federal, state, or local government agencies.

Answer preview
Economic Brief
Food manufacturing subsector in manufacturing industries convert agricultural and livestock products into products for final or intermediate consumption, whereby the groups of subsector industries are differentiated with the raw materials used to process food products (Ip, 2013). Therefore, although the industry may include premises making candy products and retailing bakery not for direct consumption, these formations’ food products are classically sold to the retailers or wholesalers who distribute them to the final consumer.
Industry’s Market Structure
Perfect competition is the industry’s market structure illustrated by a large number of small firms competing in the market with each other, where…

(800 words)

Economic Brief

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Economic Brief