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Assignment:
Part I: Students will demonstrate their mastery of economic theory by defining, and applying four economic concepts (listed below). Definitions must be paraphrased from a high-quality source and written with enough detail to be at the intermediate level or higher with the use of graphs or equations as appropriate. Students will provide illustrative examples of these concepts using observed human behavior or real-world examples found in popular press sources. This assignment will be evaluated for accuracy, written communication skill, effectiveness in the application of theory, and source quality. In-text citations and a works-cited page are required.
Concepts
Inelastic Good
Oligopoly
Marginal Propensity to Consume
Recession
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