Economics 251 – Project #1 – Spring 2005
These topics cover subjects addressed in Chapters 1 to 3, and 20 in the text. Choose any one of the six topics, which are introduced as news clips in the “In the News” and “World View” segments, or are defined in the text. Next find an article or articles that illustrates the topic, and write a short summary. Your submission should be typed and no more than 2 pages double-spaced in total. As before, please attach your articles to your submission. The due date is March 15 at the beginning of the class.
Pages 5 and 6. The concept of opportunity costs is defined. Find an article that uses this concept, and discuss it.
Page 30 – The changing mix of output in the
Page 33 – 36.
Productivity is defined and explained in this section. Find an article that explains productivity
growth in the
Page 50 – The “In the News” article illustrates an example of the law of demand. Find and describe another article that describes the effects of price reductions on quantity demanded (and sold).
Page 428 – The concept of income elasticity of demand is profiled in the “In the News” article for restaurant meals. Find another example of a good or service that has been affected by the downturn in the economy.
Page 434 and 435 – The “World View” article and following discussion indicates that advertising can have a significant impact on demand for a product or service. Find an article that documents the impact on demand of an advertising program.