Assignment Instructions For the term paper, you are required to pick a current e

Assignment Instructions
For the term paper, you are required to pick a current economic topic that relates to the material we have covered or will cover in this course. You will research and find an article that covers the topic you have chosen. You can use an article online or offline from any reputable source. You will write up a review of the article and integrate course concepts into your review. Please make sure you both summarize the article and discuss how it relates to the course. Complete this essay in a Microsoft Word document in APA format. Your work will automatically be submitted to Turnitin for plagiarism review. Please note that a minimum of 700 words for your essay is required.
These are thethings that was covered in week 1-6
Week 1
General definition of economics
Economic principles
Economic resources
Economic systems
How economists study the economy
Important foundational economic concepts
Circular flow
Production possibility frontier
Week 2
Market equilibrium
Demand and supply curves
The forces of supply and demand
Week 3
Price elasticity of demand
Inelasticity of demand
Perfect elasticity of demand
Price elasticity of supply
Inelasticity of supply
Perfect elasticity of supply
Cross-price elasticity
Week 4
How people make choices
Utility, diminishing utility, and the utility function
The factors influencing consumer decisions
Budget constraints
Advertising’s influence on consumer behavior
Network externalities
Behavioral economics and consumer behavior
Week 5
Business costs
Implicit and explicit costs
Accounting profits
Economic profits
Total costs
Marginal costs
Profit maximization
Loss minimization
week 6
The four types of markets
Pure competition (perfect competition)
Revenue, profit, supply, and demand in pure competition
Pros and cons of pure competition
Revenue, profit, supply, and demand in a monopoly
Pros and cons of a monopoly
Regulation of monopolies


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