Fluent Essays

Copyright© 2021 by University of Phoenix. All rights reserved. ECOCB/535 Competency 1 - Assessment and Rubric Course Title: The Digital Economy Competency Assessment Title: Impact of Economic Events and Economic Concentration Total Number of Points: 100 Assignment Directions: To complete this assessment, you will create a report comprised of two parts. In Part 1, you will analyze how 2 major economic events influenced supply, demand, and economic equilibrium in the U.S. In Part 2, you will evaluate economists’ assessments of the role the 4 factors of production played in determining how the economic concentration you selected has evolved. Imagine that you are a business consultant tasked with sharing the concepts below with a team of interns who will be supporting the research aspects tied to a new initiative requiring knowledge about economic influence and economic concentration. The use of charts and tables to illustrate data is highly encouraged to help the interns connect the dots. Create a report incorporating the following: Part 1: Economic Events & Activity Analysis Review the Competency 1 Resources: Economic Fundamentals. Write a 500- to 750-word analysis (Part 1 of your report) 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 • Crippling interest rates imposed by the Federal Reserve, such as those during the 1975–1985 time period • Collapse of the Soviet Union in 1991 and the end of the Cold War and the “peace dividend” • The dot-com bubble from 1994 to 2000, and the subsequent dot-com crash Part 2: Economic Concentration Evaluation Review the Competency 1 Resources: Factors of Production & Economic Concentration. Select 1 of the economic concentrations (clusters) below: • Seattle-Tacoma-Olympia, WA aerospace / defense industry • Central California winemaking industry • Hollywood movie industry https://library.phoenix.edu/ECO535r1/w2 Copyright© 2021 by University of Phoenix. All rights reserved. • Silicon Valley Technology hub • Texas / Louisiana Gulf Coast crude oil and natural gas production and refining • Pre-1994 vs Post-1994 US auto and light truck production and the reasons for the change in economic concentration Write a 700- to 1,050-word evaluation (Part 2 of your report) of economists’ assessments of the role the 4 factors of production played in determining how the economic concentration you selected has evolved. Complete the following in your evaluation: • 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 which of the 4 factors of production were the most and least important in determining the economic concentration of the area you chose. • Predict changes you anticipate for the area of economic concentration you chose. Support your predictions. Consider the resources provided and other academically appropriate sources. Compile Parts 1 and 2 into one report. Cite at least 2 academically credible sources for each part. The use of charts and tables to illustrate data is highly encouraged. Submit your report. ECOCB/535 Competency 1 Rubric Page 3 of 4 Copyright© 2021 by University of Phoenix. All rights reserved. Competency Assessment Rubric Assignment/ Performance Criteria Mastery 100\% Meets Expectations 85\% Not Met 0\% 1. Part 1 - Major Event 1: Supply, Demand, and Economic Equilibrium (weight 25\%) Thoroughly analyzed the first selected major economic event influenced supply, demand and economic equilibrium in US economic activity. Partially analyzed how major economic event influenced supply, demand and economic equilibrium in US economic activity. Narrowly analyzed how the first selected major economic event influenced supply, demand and economic equilibrium in US economic activity or no attempt to analyze how the first selected major economic event influenced supply, demand and economic equilibrium in US economic activity. 2. Part 1 - Major Event 2: Supply, Demand, and Economic Equilibrium (weight 25\%) Thoroughly analyzed how the second selected major economic event influenced supply, demand and economic equilibrium in US economic activity. Partially analyzed how the second selected major economic event influenced supply, demand and economic equilibrium in US economic activity. Narrowly analyzed how the second selected major economic event influenced supply, demand and economic equilibrium in US economic activity or no attempt to analyze how the second selected major economic event influenced supply, demand and economic equilibrium in US economic activity. 3. Part 2 - Economic Concentration: Influenced by Competition and Pricing (weight 10\%) Thoroughly analyzed how the selected economic concentration was influenced by competition and pricing. Partially analyzed how the selected economic concentration was influenced by competition and pricing. Narrowly analyzed how the selected economic concentration was influenced by competition and pricing or no attempt to analyze how the selected economic concentration was influenced by competition and pricing was made. 4. Part 2 - Economic Concentration: Influenced by Supply Chain (weight 10\%) Thoroughly analyzed how the selected economic concentration influenced the supply chain. Partially analyzed how the selected economic concentration influenced the supply chain. Narrowly analyzed how the selected economic concentration influenced the supply chain or no attempt to analyze how the selected economic concentration influenced the supply chain was made. Copyright© 2021 by University of Phoenix. All rights reserved. 5. Part 2 - 4 Factors (weight 10\%) Thoroughly analyzed which of the four factors of production were the most and least important in determining the economic concentration and the relationship between the factors of production and economic concentration. Partially analyzed which of the four factors of production were the most and least important in determining the economic concentration and the relationship between the factors of production and economic concentration. Narrowly analyzed which of the four factors of production were the most and least important in determining the economic concentration and the relationship between the factors of production and economic concentration or no attempt to analyze which of the four factors of production were the most and least important in determining the economic concentration of the location chosen was made. 6. Part 2 - Predicted Changes (weight 10\%) Thoroughly evaluated the area of economic concentration to predict anticipated changes. Partially evaluated the area of economic concentration to predict anticipated changes. Narrowly evaluated the area of economic concentration to predict anticipated changes or no attempt to evaluate the area of economic concentration to predict anticipated changes was made. 7. Communication (weight 5\%) Accuracy in grammar, sentence structures, sentence boundaries, and word choice enhanced content. Rare inaccuracies/errors in grammar, sentence structures, sentence boundaries, and word choice did not detract from the content. Occasional or frequent inaccuracies/errors in grammar, sentence structures, sentence boundaries, and word choice detracted some from the content. 8. Information Literacy (weight 5\%) Fully integrated relevant supporting evidence from quality sources. Mostly integrated relevant supporting evidence from quality sources. Minimally integrated relevant supporting evidence from quality sources or no attempt was made to integrate quality sources. THE DIGITAL ECONOMY The Digital Economy: Reflection Shemeko Hopkins ECOCB/535 09-20-2021 The Role of Economics in Shaping Public Policy Economic concepts and circumstances often guide government policy adoption (Kattel et al. 2018). A significant fact is that the economic concept of supply and demand factors has a THE DIGITAL ECONOMY significant impact on taxation and the general political implications in the digital economy. In particular, economic factors, demand and supply influence the taxation of households adopted by the elected government, demonstrating how economic conditions influence policy making and implementation. As an example, Congress could increase demand by increasing spending and reducing household taxes. Reducing taxes increases household demand, which has a passive impact on working income. This has an impact on my career in salaries and everyday life in the purchase and sale of goods. In a significant way, economic concepts, including scarcity, supply and demand, costs and benefits, and incentives, are essential to business taxation and policy development. In particular, costs, benefits and incentives are essential to business taxation, which has an impact on investment rates in an economy. For instance, low rates of taxation on business organizations, accommodating economics concepts such as scarcity, supply and demand, costs and benefits, and incentives, increases investment rates, high income, and increased job creation in an economy. Likewise, greater incentives for intangibles and businesses lead to higher growth and productivity. Business incentives and low tax rates have a significant effect on my career, income levels and day-to-day commercial investment decisions in my country. Tariffs are strategies of fundamental restrictions that benefit importing countries and take economy and condition into account in public discussions and policy development. In a significant way, economic concepts, including supply and demand that affect the price of goods and services, affect the taxation of imports. Notably, when a government wants to foster the growth of domestically produced goods and services, there is a significant levy tariff on imported goods and services, protecting local industries from competitive pricing. Thus, economic concepts such as scarcity, supply and demand, costs and benefits, and incentives, in particular THE DIGITAL ECONOMY supply and demand drivers, influence public discussion and policymaking on import taxation. Admittedly, government policy on import taxation, especially increased levy tariffs to reduce local industries competition from the international economy, impacting my career on global economy and applications and career opportunities due to growth and productivity in local industries. Factors of Production There are four key drivers that affect output in an economy. Physical capital and innovation are vital building blocks for production. There are important pieces of legislation, important pieces of legislation to enhance the productivity of innovation and physical capital. Physical capital takes intangible human-made goods that facilitate the process of creating products and services. Significantly, the Federal Aviation Act of 1946 provides for a significant focus on the establishment of independent federal aviation agencies, assisting authorities in the establishment, maintenance and operation of air negation facilities and the provision of research and development facilities (Congressional Research Service, 2019). Similarly, the Act increases the chance of physical capital in the production through the development and operations of common systems in aviation facilities, accommodating man-made goods aiding in the process of creation for effective services. Similarly, the Act’s articulation on notable articulation on the creation of autonomous federal aviation agencies, supporting the authorities with the establishment, maintenance, and operation of air negation facilities and provision of research and development facilities, increases the productivity of innovation, especially on research and development. Economic concertation THE DIGITAL ECONOMY Economic concertation describes the extent to which small enterprises and trade organizations represent a significant proportion of economic activity, including sales, assets and employment. In the study, there are vital examples of economic concentration including aggregate concentration, market concentration, and buyer consultation. Concentration of purchasers describes the degree to which a product is purchased by purchasers; percent. As a result, industry concentration explains the share of large enterprises in the supply of goods and services. Finally, comprehensive consultation indicates the relative position of large businesses in an economy. Economic concentration posts both risk and advantages in an economy. There is notable risk including abusing dominance and monopoly, international business corruption, increased price of goods and services, and anti-competitive agreements that compromise international trade and investment. However, there are notable advantages of economic concentration including the power of wealthy increment, leading to increased obedience and integrity. Similarly, dominant firms accommodate low-cost production, significant in demand and supply, and fair price determination in an economy. Finally, the economy of concertation accommodates the extent whereby small firms and business organizations account for a significant proportion of economic activities including sales, assets, and employment. Significantly, the concept has impacted my industry through abusing dominance and monopoly, international business corruption, increased price of goods and services, and anti-competitive agreements posting fundamental risks of economic concertation in an enterprise. THE DIGITAL ECONOMY References Congressional Research Service. (2019). Financing Airport Improvements. https://sgp.fas.org/crs/misc/R43327.pdf Kattel, R., Mazzucato, M., Ryan-Collins, J., Sharpe, S. (2018). The economics of change: Policy appraisal for missions, market-shaping, and public purpose. UCL Institute for Innovation and Public Purpose, https://www.ucl.ac.uk/bartlett/public-purpose/wp2018-06 THE DIGITAL ECONOMY