Assignment: The Key Concepts in Economics Course: Principles of Economics Due Week 8 and worth 175...

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Assignment: The Key Concepts in Economics Course: Principles of Economics Due Week 8 and worth 175 points Write a three to four (3-4) page paper in which you: 1. Identify at least four (4) key points...

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Assignment: The Key Concepts in Economics

Course: Principles of Economics

Due Week 8 and worth 175 points

Write a three to four (3-4) page paper in which you:

1. Identify at least four (4) key points of a relevant economic article. Choose an article that deals with any course concepts covered under Principles of Economics.
2. Apply one (1) of the following economic concepts (supply, demand, market structures, elasticity, costs of production, GDP, Unemployment, inflation, aggregate demand, and aggregate supply) to the key points that you highlighted in Question 1.
3. Explain how the concept that you identified in Question 2 could affect the U.S. economy.
4. In your concluding paragraph, state whether you agree or disagree with the economic article identified in Question 1. Provide a rationale for the response.
5. Use at least three (3) quality resources in this assignment with one (1) being your article.

Your assignment must follow these formatting requirements:

*Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
*Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

*Analyze the dynamics of supply and demand to anticipate market equilibrium.
*Analyze the elasticity of demand and supply and its importance, and the effect of taxes or other public policies.
*Describe the impact of various forms of competition on business operations with emphasis on perfect competition.

*Use technology and information resources to research issues in principles of economics

Answered Same Day Dec 25, 2021

David · Accepted Answer

Running Head: THE KEY CONCEPTS IN ECONOMICS 1
Assignment Title 
Student Name 
Course Name 
Instructor Name 
Date
THE KEY CONCEPTS IN ECONOMICS  2 
Article Outline 
Crude oil is one of the highly traded commodities, and it has influence over the world 
economy. The price fluctuation in the crude oil price is phenomenal, and various underlying 
factors are influencing them. The key point indicated in the article is that the primary factor is the 
imbalance in the supply and demand function affecting the crude oil prices (Yan, 2012, p. 41). 
The next major point is dollar exchange rate fluctuation that is causing more fluctuation in the 
crude oil prices and geological influences.  
Another key point is that there effective use of foreign futures market is creating 
influence in the crude oil price and any unforeseen incident that affects the supply of oil from the 
oil producing country. The significant finding is that fluctuation in the crude oil price is due to 
various factors that are too complex. It is affected by various factors demand and supply. 
Therefore, it is not easy to draw a conclusion about the reason for fluctuation in crude oil price 
(Yan, 2012, p. 44). The demand and supply are the major factors that are causing the fluctuation. 
When there are imbalances in these forces they create more opportunity for volatility, it is not 
easy to determine or maintain equilibrium and the economic goods price relationship with the 
exchange rate. These are the key points related to principle of economics. 
Economic Concept 
Demand and supply are the most relevant topic that is highly influencing the crude oil 
prices in the market. For instance, if demand for the crude oil increases it will increase the price 
of crude oil in the market. Similarly, if U.S. dollar is strengthening against various global 
currencies, then it will result in higher crude oil price as USD is the currency use to buy the 
crude oil. On the other hand, due to some unforeseen incident if there is a shortage in the 
THE KEY CONCEPTS IN ECONOMICS  3 
production of crude oil then it will reduce the supply, but there will be no change in demand 
function. In this case, again crude oil price will increase.

Assignment: The Key Concepts in Economics Course: Principles of Economics Due Week 8 and worth 175 points Write a three to four (3-4) page paper in which you: 1. Identify at least four (4) key points...

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