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In the workplace, we are often asked to create “briefs.” A brief provides a snapshot, or short, written summary, of a situation or event that has occurred. It is generally just a few pages long and...

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In the workplace, we are often asked to create “briefs.” A brief provides a snapshot, or short, written summary, of a situation or event that has occurred. It is generally just a few pages long and may include additional visuals like a graph, chart, or table. In this assignment, write a brief about economic concepts in an industry that interests you.

Industry Selection

Use this resource to select an industry and learn about the products and services it provides:

  • NAICS (North American Industry Classification System)
    • Select the number next to the industry to see its subsectors, e.g., select 52 to see Finance and Insurance.
    • Select that same number again to read about the industry as a whole or select a sub-category. For example, Mining is 21, and Oil and Gas Extraction, a sub-category, is 211)

Instructions

use the resource above to develop an economic brief that is two (2) pages long in which you:

  1. Select an industry and describe the goods and/or services this industry produces. Use the NAICS resource above to help you select an industry (and/or subsector) for your brief.
  2. Identify this industry’s market structure and at least two or more market characteristics that support this market structure.
  3. Describe any notable microeconomic relationships, market outcomes, and/or trends in this industry. Include a graph, chart, or table containing related data. (Microeconomic relationships and market outcomes.)
  4. How might government impact this industry’s market prices, output, and/or market structure? (Government intervention through price controls, industry regulations, and antitrust enforcement.
Answered Same Day Aug 11, 2021

Solution

Komalavalli answered on Aug 11 2021
128 Votes
1. From North American Industry Classification System (NAICS) I have chosen Sector 31 – 33 which is a manufacturing sector. Manufacturing sector comprises establishment engaged in transforming raw materials into finished product. Subsector of Manufacturing reflects distinct production process related to material input, production equipment. In the machinery area, where assembling is a key activity, parts and accessories for manufactured products are classified in the industry of the finished manufactured item when they are made for separate sale. Within manufacturing sector I have chosen Motor vehicle parts manufacturing industry.Industry group comprises of firms that are engaged in manufacturing motor vehicle engine parts and gasoline engine, motor vehicle steering and suspension component, motor vehicle
ake systems, transmission and power train parts, motor vehicle interior rim and seating, motor vehicle metal stampings , motor vehicle electrical and electronic equipment.
2. Characteristic Motor vehicle manufacturing Industry:
US Motor vehicle manufacturing is one of the largest market industries in the world. In 2019 around 10.9 millions of motor vehicles are manufactured in the country. The market structure of vehicle manufacturing industry is perfect competition market. Motor vehicle manufacturing industry has large number of...
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