You are required to pick a current economic topic that relates to the material we have covered or will cover in this course. You will research and find an article that covers the topic you have chosen. You can use an article online or offline from any reputable source. You will write up a review of the article and integrate course concepts into your review. Please make sure you both summarize the article and discuss how it relates to the course.
Complete this essay in a Microsoft Word document in APA format. Please note that a minimum of 700 words for your essay is required.
LO-1 Discuss the application of microeconomic theory to business.
LO-2 Differentiate between major economic systems.
LO-3 Explain the microeconomic problems faced by business during resources allocation to satisfy societal wants.
LO-4 Apply the concepts of supply and demand within business settings.
LO-5 Define and distinguish various economic costs (implicit, explicit, fixed, and variable costs).
LO-6 Examine the law of diminishing returns.
LO-7 Explore the impact that the ease of market entry and exit has on economic and business efficiency.