Directions: You will write a 3-4-page essay (900-1200 words) addressing the topics below. The statement above is the basic opinion of most mainstream economists. For Parts 1-4 below, use the concepts you learned in this course to explain why many economists make this claim. You will conclude the essay with your own opinion regarding the statement. Please contact me if you would prefer to make a video presentation instead of writing the essay.
Statement/Opinion: Within a regulated, competitive market economy a firm’s primary social responsibility is to use its resources efficiently and maximize its profits.
Part 1: Explain how prices efficiently allocate resources and promote efficient production in a market. Illustrate with examples: graphs, news articles etc.
Part 2: Explain how competition supports efficient use of resources. Illustrate with examples: graphs, news articles etc.
Part 3: Explain how regulation of markets can promote societal well-being more than a fully socialized or command economic system.
Part 4: Evaluation and Conclusion: Do you personally agree or disagree with the Statement/Opinion? There is no right or wrong answer. Use your personal values and the concepts that you learned in this course to justify your opinion.
Formatting and Submissions: The paper should be written in APA format (abstract is not required). Purdue Owl (owl.purdue.edu) is a good resource to use to properly format your essay. You must use two outside resources other than the textbook and notes. Quotations should be used sparingly if at all. Peer reviewed journal articles are preferred, but reputable news sources are also acceptable (Wall Street Journal, The Economist, New York Times etc.)Directions: You will write a 3-4-page essay (900-1200 words) addressing the topics below. The statement above is the basic opinion of most mainstream economists. For Parts 1-4 below, use the concepts you learned in this course to explain why many economists make this claim. You will conclude the essay with your own opinion regarding the statement. Please contact me if you would prefer to make a video presentation instead of writing the essay.
Statement/Opinion: Within a regulated, competitive market economy a firm’s primary social responsibility is to use its resources efficiently and maximize its profits.
Part 1: Explain how prices efficiently allocate resources and promote efficient production in a market. Illustrate with examples: graphs, news articles etc.
Part 2: Explain how competition supports efficient use of resources. Illustrate with examples: graphs, news articles etc.
Part 3: Explain how regulation of markets can promote societal well-being more than a fully socialized or command economic system.
Part 4: Evaluation and Conclusion: Do you personally agree or disagree with the Statement/Opinion? There is no right or wrong answer. Use your personal values and the concepts that you learned in this course to justify your opinion.
Formatting and Submissions: The paper should be written in APA format (abstract is not required). Purdue Owl (owl.purdue.edu) is a good resource to use to properly format your essay. You must use two outside resources other than the textbook and notes. Quotations should be used sparingly if at all. Peer reviewed journal articles are preferred, but reputable news sources are also acceptable (Wall Street Journal, The Economist, New York Times etc.)