ECON 101 – which will show how the economic theoryIntroduction and Alignment??Students will investigate an economic problem of their choosing, which will show how the economic theory is used in a business
situation.??Upon completion of this assignment, you should be able to:??Identify the economic problem and relate it to the concept of opportunity cost.?Interpret the
production possibilities curve and calculate economic trade offs along the curve.?Explain the difference between, and the importance of, absolute and comparative
advantage.?Demonstrate knowledge of how comparative advantage explains international trade patterns.?Resources?
Instructions – Economic Topic, Wage Determination in Competitive Labour Markets. How supply and demand effects competitive labour markets.
?You will submit a research paper relating to an economic topic or current economic event in either microeconomics or macroeconomics. Your initial draft of sections 1
-4 will be due in Workshop Three. The research paper will be due by Workshop Five.?The research paper should encourage you to employ economic concepts (scarcity,
opportunity cost, comparative advantage, supply and demand, price signals, diminishing returns, marginal utility, competition, monopoly, labor markets, income
distribution, externalities, public goods, and many others) in a practical way to a business or social issue, bridging the gap between theory and practice. The
research paper should clearly incorporate the economic analysis and topics of discussion covered in both the textbook and the workshops (as they pertain to the topic
of research), and students should attempt to see business and social issues through the “lens” of economic logic. The conclusions arrived at by the project team should
reflect a deeper “economic way of thinking.”?Divide your paper into six specific sections as follows:?Introduction: topic, statement of problem to be discussed?
Objectives: thesis statement, what is the goal of the essay??Method: the research method used: case study, books and newspaper/magazine articles, personal statistical
research, or previously conducted statistical surveys?Findings and Observations: data, facts ascertained, what did you discover??Conclusions: interpretation, analysis
of findings, arguments, personal comments and group opinions, consensus?Documentation: works cited, reference page?Your essay should be between 6-8 pages in length
(excluding any cover pages, bibliography, works cited, or endnotes pages), typewritten, double-spaced, and in APA format.?Sections 1, 2, and 3 (Introduction,
Objectives, and Method) should not consume more than about 1-2 pages of the final draft. The bulk of the research and writing should be concentrated in the 4th and 5th
sections where discussion should occur, evaluation of theories should be conducted, and conclusions may be drawn.