r this paper you’ll be selecting a market/industry and discussing which market structure applies to it. The basic requirements for this paper are 400-500 words & 1-2 pages.
In this write up, make sure you:
- Compare and contrast your industry to each of the three characteristics of the market structure you chose and explain why the industry fits each of the characteristics of the market structure. In addition, explain why this industry is an example of market failure.
- Then make a conclusion about which type of market structure your industry fits best.
An industry is nothing more than a grouping/classification of different types of good/service providers. Many companies that offer a similar product or service are usually grouped into an industry. Sometimes an industry is called a market in economics, although a market can be as large as a whole industry or as small as an individual business, but don’t get too stuck on that.
I would suggest starting with a company or business that you’re familiar with, then work from there. For example, say you picked McDonald’s, then the industry would be Food Service, or more specifically, Fast-Food. Food Service would be an overarching industry, while Fast-Food would be a sub-industry, if you will. Depending on how broad or narrow the market is, will influence what type of market structure it may be.
If you need help finding/picking an industry, then check this list provided by the Bureau of Labor Statistics (BLS): Click Here (Links to an external site.)
You don’t have to pick from that list as it is not a comprehensive list and groups many sub-industries together.
- Prepare your paper as a word document.
- (.doc or .docx format. No Google Docs)
- The cumulative length of your paper should be a minimum 400 words in length.
- If you have a question about choosing an appropriate industry, or what one is, please contact your instructor.
Assignment formatting requirements:
- Prepare a header, left justified with:
- Your name
- Class & Section # ie: Econ101-xx
- Paper title, centered
- Format the paper by…
- 12 point Ariel, Calibri, or New Times Roman fonts
- Line spacing must be 1.15 or 1.5
- Skip one line to begin a new paragraph