ECOCB/535: The Digital Economy Comp 1

Part #1

Write a response to the following in a minimum of 500 words:

 
Analyze how economics plays a vital role in shaping public discussion in the following policy areas:

• Household taxation
• Business taxation 
• Import taxation (tariffs)

Provide 1 example of each of the discussions you analyzed above and how that example plays out in your life and career. Why is understanding economics important for you?

Part #2

Write a written response to the following in a minimum of 500 words.

Innovation and physical capital are two of the four factors of production.

Analyze specific ways that 1 of the following laws increased the productivity of innovation and physical capital:

• 1862 Pacific Railway Act
• 1956 Federal Aid Highway Act 
• 1946 Federal Airport Act 

In addition, address the following:

• Describe 3 other examples of economic concentration.
• What are the risks and advantages to economic concentration? 
• How has economic concentration influenced your industry?

Part #3

Write a 500- to 750-word analysis 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

Cite at least 2 academically credible sources. The use of charts and tables to illustrate data is highly encouraged.

Part #4

Select 1 of the economic concentrations (clusters) below:

• Seattle-Tacoma-Olympia, WA, aerospace/defense industry
• Central California wine making industry
• Hollywood movie industry
• Silicon Valley technology hub
• Texas/Louisiana Gulf Coast crude oil and natural gas production and refining.

Write a 750- to 1,050-word paper evaluating economists’ assessments of the role the four factors of production played in determining how the economic concentration you selected has evolved.

Complete the following in your paper:

• 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 the four factors of production in terms of their relative importance in determining economic concentration of your chosen area. Explain which factors were most important and which were least important.
• Predict changes you anticipate for the area of economic concentration you chose. Support your predictions. 

Consider the resources provided and other academically appropriate sources. The use of charts and tables to illustrate data is highly encouraged.

Cite at least 2 academically credible sources.