Microeconomics: supply and demand | Education homework help

This Competency Assessment (CA) assesses your level of performance on the specific outcomes that are the focus of this course. The CA requires you to demonstrate your knowledge, understanding, and proficiency of the outcomes. Be sure to use the other activities in this course prior to attempting the CA. You can attempt the CA an unlimited number of times within the term. However, the CA must be completed successfully by the end of the term. Be sure to review the Competency Assessment Checklist Rubric in order to understand the criteria on which you will be evaluated. Instructors will provide feedback on the CA. If you expect to receive feedback, revise, and resubmit this CA near the end of the term, you will need to make your submission no later than 5 days before the end of the term. 50 %1 of 2 topics complete Show data table for This chart displays the number of completed topics versus the total number of topics within module Competency Assessment..List of Topics and Sub-Modules for Competency Assessment. This Competency Assessment assesses the following outcomes: BU224M1: Examine how various supply and demand scenarios affect the way prices and quantities are set by market interactions in perfectly competitive markets. GEL-1.02: Demonstrate college-level communication through the composition of original materials in Standard English. PC-4.1: Assess the value of multiculturalism and diversity in a global environment. In the Reading, Learning Activities, and videos related to the supply and demand analysis course outcome, you have learned how to calculate marginal opportunity costs in a simplified production possibility frontier curve to determine who has the comparative advantage as it relates to trade. You also learned how to calculate the equilibrium price and quantity in a perfectly competitive market and looked at how that equilibrium price and quantity changes when additional demand influences the market, as well as seeing how the original group of consumers are affected by these new consumers entering the market. Directions: In this Assessment, you will apply your understanding of comparative advantage as a foundation for trade, along with your understanding of the crucial concept of changes in supply and demand equilibrium. You will also provide a rational approach on how cultural differences and the downfalls of stereotyping people from foreign cultures and misunderstanding their cultural attitudes affect international trade. This Assessment requires you to use the Microsoft® Word® template provided to compose a combination of short paragraph answers, computations, and completion of a 450–500-word expository research paper. Review the files that are uploaded because those are the questions and graphs that are before this next part. This part must be on the template which I will upload next. The template is the one uploaded after the graphs and it applies to #3. An effective understanding of economics forms the foundation of every manager’s, entrepreneur’s, bureaucrats, and leader’s ability to analyze business situations and to develop an appropriate response. The globalization of business is a fact of life for all business professionals. One of the most contentious issues in today’s global business world is the issue of closing local manufacturing facilities, laying off those American workers, and re-opening the same manufacturing facility in an Asian, or other third world country. Look in your own closet at the clothes you have purchased. Pick any 10 items of clothing and look at the labels in those clothes. Where were they manufactured? How many of the 10 items were manufactured here in America? If that same exercise had been done 50 years ago, (approximately the 1970s), all the clothes you owned would have been manufactured in textile mills in the Southeastern United States (Georgia, Alabama, Mississippi, North Carolina, South Carolina, etc.). All those Southeastern textile mills are now closed, and people buy foreign made clothes. If you were able to go further back in time to 150 years ago (1870s), the clothes you owned would have been manufactured in textile mills in the Northeast United States (Maine, New Hampshire, Vermont, Massachusetts, etc.). Yet, by the early to mid-1950s, those Northeastern textile mills were closed and their workers were out of a job. The mills had all relocated to the Southeast during the years following the Civil War. Many people say that we should ban the import of these foreign made clothes, so that more workers in American clothing textile mills could have jobs. Others say that we should continue to import clothing because imported clothing is relatively less expensive and more people can afford to buy more clothes at these low prices. Still others say that we should put an import tariff (an extra tax that would be paid when we buy these imported clothes), making the price of imported clothing comparable to the price of clothing made in the U.S., and, therefore, encouraging American consumers to buy American-made clothing. Compose a 450–500-word expository research paper, in APA formatting and citation style, including a references page. Insert your expository research in the template below in the Minimum Submission Requirements. Your writing and research should clearly answer the following questions: How much does international trade affect you personally? Look at any 10 items around your home that you have purchased in the last year. Where were they made? How many were made in America, compared to how many were foreign made? What things does America export to other countries? What things does America import from other countries? How does what you have learned about Comparative Advantage affect this trade? Currently there is a lot of talk among politicians about imposing tariffs on foreign made products imported into the U.S. and retaliatory tariffs imposed by foreign countries on U.S. made goods. What is a tariff? Who ultimately pays the tariff? Who gets the proceeds from the tariffs? What is the money used for? Discuss the advantages and disadvantages to all involved parties (American workers, American consumers, foreign workers, and foreign consumers) of tariffs on imports to the U.S. and retaliatory tariffs imposed by foreign countries on U.S. made goods. In considering the foreign trade issue, discuss how the background, education and cultures of the people in the U.S. and the cultures in each trading country affects their understanding of the importance of foreign trade. Discuss the importance of your ability to understand and accept multiple cultural differences in a global context. What recommendations would you suggest to increase American understanding and acceptance of foreign cultures? Minimum Submission Requirements This Assessment should be submitted in this template. Respond to the questions in a thorough manner, providing specific examples of concepts, topics, definitions, and other elements asked for in the questions. Your paper should be highly organized, logical, and focused. Your paper must be written in Standard English and demonstrate exceptional content, organization, style, grammar, and mechanics. Your paper should provide a clearly established and sustained viewpoint and purpose. Your writing should be well ordered, logical and unified, as well as original and insightful. A separate page at the end of your paper should contain a list of references, in APA format. Use your textbook, the Library, and the internet for research. Be sure to cite both in-text and reference list citations were appropriate and reference all sources. Your sources and content should follow proper APA citation style. Review the APA style formatting and citations found in the Writing Center. The Writing Center can be found within the Academic Success Center under the Academic Tools area of the course. (It should be in Times New Roman 12-point font, include correct citations, Standard English with no spelling or punctuation errors, and correct references at the bottom of the last page). If work submitted for this competency assessment does not meet the minimum submission requirements, it will be returned without being scored. 

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