Economics

PART 1:

Review the Module 1 Resources.

Write a 500- to 750-word analysis 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

Cite at least 2 academically credible sources. The use of charts and tables to illustrate data is highly encouraged.

PART 2:

Review the Module 2 Resources.

Select 1 of the economic concentrations (clusters) below:

• Texas/Louisiana Gulf Coast crude oil and natural gas production and refining.

Write a 750- to 1,050-word paper evaluating economists’ assessments of the role the four factors of production played in determining how the economic concentration you selected has evolved.

Complete the following in your paper:

• 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 the four factors of production in terms of their relative importance in determining economic concentration of your chosen area. Explain which factors were most important and which were least important.

• Predict changes you anticipate for the area of economic concentration you chose. Support your predictions.

Consider the resources provided and other academically appropriate sources. The use of charts and tables to illustrate data is highly encouraged.

Cite at least 2 academically credible sources.