ECO 205 Entire Course NEW

ECO 205 Economic Theory
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ECO 205 Economic Theory
ECO 205 Week 1 CheckPoint Principles of Economics
ECO 205 Week 1 DQ 1 And DQ 2
ECO 205 Week 2 Assignment Supply and Demand
ECO 205 Week 2 CheckPoint Industry Research Part I
ECO 205 Week 3 CheckPoint Industry Research Part II
ECO 205 Week 4 Assignment Taxation

ECO 205 Week 4 CheckPoint International Trade Debate
Part I
Part II
ECO 205 Week 5 CheckPoint Labor Market Scenario
ECO 205 Week 6 Assignment Labor Market Research
ECO 205 Week 6 CheckPoint Industry Research Part III
ECO 205 Week 7 CheckPoint Calculation of the
Consumer Price Index
ECO 205 Week 8 CheckPoint Industry Research Part IV
ECO 205 Week 9 Capstone DQ
ECO 205 Week 9 Final Project Industry Research
Completion

205-Week-1-CheckPoint-Principles-of-Economics
Resource: Principles of Economics and Economist.com.
Complete question 16 under Problems and Applications
in Ch. 1 of Principles of Economics.
Find three current articles about the economy on
http://www.economist.com.
Post a 200- to 300-word response identifying one
unique principle for each article.
Note: Disregard the last part of question 16, asking you
to look at the table of contents.

205-Week-1-DQ-1-And-DQ-2
Week 1 DQ 1
The principles of economics influence your decision
making, interaction with others, and the economy as a
whole. Give one example of how you are personally
affected by each of the three areas. Are you affected
positively or negatively? Explain your reasoning. How
do budget constraints and personal preferences affect
your choices as a consumer?
Week 1 DQ 2

Discuss similarities and differences in the roles
economists play as policy advisors and as scientists.
How would advice offered to policy makers differ
depending on which role an economist assumes?

205-Week-2-Assignment-Supply-and-Demand
Resources: Appendix C and Interactive Activity: Supply
and Demand
Visit
http://www.bized.co.uk/learn/economics/markets/me
chanism/interactive/part1.htm and read the material
posted about supply and demand. Explore the concepts
of supply and demand by using the interactive features
on the graphs. Use the questions following the diagrams
to guide your exploration.
Visit parts 1, 2, & 3 of the Web site.

Fill in the matrix and answer the questions in Appendix
C. Describe how changes in price and/or quantity of
various goods and services will affect either supply or
demand and the equilibrium price. Use the graphs from
the interactive activity as a tool to help you visualize the
changes in price and quantity.
Post Appendix C as an attachment.

205-Week-2-CheckPoint-Industry-Research-Part-I
You will demonstrate information literacy through
preparing and gathering information for the activity due
this week.
Select an industry that is affected by the economy, such
as the airline, automotive, home building, or
technological industry. Keep in mind that you will use
the industry chosen throughout the course.
Find at least two sources to help you answer the
following questions about the industry you chose.

For what purpose were these sources created?
Who is the intended audience for these sources? What
factors helped you identify the audience?
What specific criteria did you use to select these sources
and to eliminate other potential sources?
In your chosen industry, is price elasticity of demand
considered elastic or inelastic?
Are there substitutes available? Is the good a luxury or a
necessity? Explain.
What is the price elasticity of supply for your chosen
industry? Explain.
Review Appendix B Example for model entry.
Organize your research for this week using the
annotated bibliography template in
Appendix B. For each entry in the annotated
bibliography, include an APA-formatted reference and a
summary of the major points in the article or Web site.
Post Appendix B as an attachment.

205-Week-3-CheckPoint-Industry-Research-Part-II
Resource: Appendix B
Find two sources to help you answer the following
questions about the industry you chose.
Research any negative or positive externalities the
industry produces. Does the transaction of a buyer and
seller directly affect a third party? Is the effect a
negative or positive externality? How does the
externality impact the economy?

Research whether the industry produces public goods or
private goods, or is a natural monopoly. Are the goods or
resources rival, excludable, or either? Explain.
annotated bibliography template in Appendix B. Include
APA-formatted references and a summary of the major
points in the articles or Web sites.

Week 3 DQ 1
What are some similarities and differences between
monopolies and oligopolies? How would you classify
Microsoft? How would you classify the power industry in
your area? Explain your reasoning.
Week 3 DQ 2
Identify similarities and differences between common
goods, public goods, private goods, and natural
monopolies. Provide an example of each type of good
and justify your answers. Discuss possible positive or

negative externalities associated with each example.
How do the externalities affect the economy?

205-Week-4-Assignment-Taxation
Find two articles that discuss the local, state, or federal
taxation of a good.
Write a 700- to 1,050-word paper in APA format
describing the effects of taxation and price controls on
the economy.
Is the tax levied on the producers or consumers?
How does the tax affect supply or demand?
How does the tax affect the equilibrium price and
quantity?

In this market, describe a hypothetical situation where a
price ceiling or floor could be imposed. What
implications would this have for the market?
Reference the articles you found in your paper.
Post your paper as a Microsoft© Word attachment.

Part I
205-Week-4-CheckPoint-International-Trade-
Debate-Part-I
Part I
Write a 200- to 300-word essay in APA format arguing
for or against unrestricted international trade. Some
possible platforms on which to write are
comparative advantage, gains from trade, World Trade
Organization, and trade restrictions. Support your
position with three specific reasons.

Part II
205-Week-4-CheckPoint-International-Trade-
Debate-Part-II
Part II
Debate a classmate’s position to Part 1 of the
CheckPoint.
Write a 200- to 300-word essay arguing the opposite
position of your classmate. Use suggestions from Part I
to guide your responses.
Post II as a Microsoft© Word attachment.

205-Week-5-CheckPoint-Labor-Market-Scenario
CheckPoint: Labor Market Scenario
Write a scenario that would cause a shift in labor supply
and demand. The following areas have had high job
growth rates and can be used for your
scenario: transportation, insurance, technology, and
health care industries.
Post a 200- to 300–word response that focuses on the
following:
What is the area of employment?

Why has this shift occurred?
In what direction would the shift in labor supply and
demand go?
What would be its effect on the equilibrium of the labor
market?

Week 5 DQ 1
Since the September 11th attack there has been an
increase in the demand for security personnel—police,
air marshals, airport security, etc. How do you think the
higher demand has affected the equilibrium wage? In
which direction do you think the labor supply and
demand shifted? Explain your reasoning.
Week 5 DQ 2
Describe two factors that affect labor supply and two
factors that affect labor demand. Using economic

principles, describe how changes in the labor market
have affected you or someone you know.

205-Week-6-Assignment-Labor-Market-Research
In the first chapter of the text we discussed the 10
principles of economics. Two principles that help
explain how wages are determined in a market economy
are #1, People Face Tradeoffs, and #7, Governments Can
Sometimes Improve Market Outcomes (Mankiw, 2004).
Consider these principles when completing your
assignment. Think of how they apply to the labor market
for nurses.

Research the labor market for any state to determine
how nursing wages are calculated.Use the Internet for
this research.
Write a 700- to 1,050-word paper in APA format, in
which you:
Cite the state and the URL of the Web site used in your
research.
Address which factors may influence the supply and
demand for nurses.
Discuss how a nurse’s pay is determined and how the
salary is structured.
Discuss what your chosen state can do to increase the
supply of nurses.
Include at least one appropriately cited and documented
quotation to support a point.
Include at least one appropriately cited and documented
paraphrase to support a point.

205-Week-6-CheckPoint-Industry-Research-Part-III
Research how wage inequality is measured and if it is
present in your chosen industry.
Find two sources to help you answer the following
questions about the industry you chose.
Describe any current or past news events related to
wage inequality in your chosen industry.

What was the industry’s method for determining that
there was an inequality? Explain.

205-Week-7-CheckPoint-Calculation-of-the-
Consumer-Price-Index
The Bureau of Labor Statistics follows five steps to
calculate Consumer Price Index.
Resource: Ch. 24 (pp. 520-522) of Principles of
Economics and Appendix D
Review Appendix D. Using the chart provided, identify
three strengths and three weaknesses of the calculation.
Post a 200- to 300-word response that answers the
following questions once your chart is complete:

What are the characteristics of the items listed as
strengths?
What are the characteristics of the items listed as
weaknesses?
If the CPI is imperfect, why do we use it?

Week 7 DQ 1
What are the advantages and disadvantages of using the
Gross Domestic Product (GDP) as a measure of
productivity and economic health? Explain your
answers.
Week 7 DQ 2
Discuss the relationship between the level of GDP and
economic well-being. What factors of well-being are
missing from the GDP? Is there a point where the GDP

could increase to such a high level that economic well-
being could be compromised? If so, describe some of the
opportunity costs associated with maximizing the GDP.

205-Week-8-CheckPoint-Industry-Research-Part-IV
· Research monetary and fiscal policies that have
affected your chosen industry.
· Find two sources to help you answer the following
questions about the industry you chose:
How have these policies affected the employment rates
for your chosen industry?
How have these policies affected the growth of the
industry?

How have these policies affected the prices of the
product the industry produces?

205-Week-9-Capstone-DQ
What are the most important concepts you have learned
in this course? How can you apply them to your life?
What difference can these concepts or tools make in
your everyday life?

Completion
205-Week-9-Final-Project-Industry-Research-
Completion
Completion
Resource: Appendix A
· Write a 1,750- to 2,450-word paper in APA format that
provides an economic profile of the industry you have
researched. In your paper, discuss how the following
impact the industry.
Shifts and price elasticity of supply and demand
Positive and negative externalities
Wage inequality

Monetary and fiscal policies
Conclude your paper with final thoughts on:
How the economy affects the success of your chosen
industry
Economic influences that can affect the industry in a
negative way

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