Introduction to Economics
In this first Case Assignment, you will be researching some of the key economic terms and concepts presented in the required and outside readings. You will then turn your theoretical research into practice by defining the terms and concepts, as well as offering real-time examples of each. This is a multi-part assignment, so make sure that you have addressed each question or topic. The best way to approach this assignment is to prepare your responses in outline form following the order of each question/topic. This will help you keep track of your responses.
After reviewing the information listed on the background materials page, address the following questions in an essay or short-answer form. Support all your answers with references:
1. Explain the difference between positive and normative economics. Give a real-time example of each that you found in doing some outside research.
2. After doing some additional research on your own along with the assigned reading on public goods, answer the following questions:
a. What are the two main characteristics of this type of good?
b. What is the biggest “problem” with allocating public goods?
c. Do you think the government should have a role in allocating public goods, or should goods be privatized?
Here’s a great site that offers definitions and examples of economic terms literally from A to Z; https://tinyurl.com/6rxna6a
· Use concepts from the modular background readings as well as any good quality resources you can find.
· Cite all sources within the text and in a reference list at the end of the paper.
· Length: 4–5 pages double-spaced and typed.
· The following items will be assessed in particular:
· Your ability to follow prescribed assignment content guidelines.
· Your ability to apply the basic concepts to the questions.
· Some in-text references to the modular background readings (APA formatting not required).
· The essay should address each element of the assignment. Remember to support your answers with solid references, including the case readings.