“Analyzing Economic Events and Evaluating Factors of Production in U.S. Economic Activity and Concentration”

To complete this assessment, you will create a report comprised of two parts. In Part 1, you will analyze how 2 major economic events influenced supply, demand, and economic equilibrium in the U.S. In Part 2, you will evaluate economists’ assessments of the role the 4 factors of production played in determining how the economic concentration you selected has evolved. Imagine that you are a business consultant tasked with sharing the concepts below with a team of interns who will be supporting the research aspects tied to a new initiative requiring knowledge about economic influence and economic concentration. The use of charts and tables to illustrate data is highly encouraged to help the interns connect the dots. Create a report incorporating the following: Part 1: Economic Events & Activity Analysis Review the Competency 1 Resources: Economic Fundamentals. Write a 500- to 750-word analysis (Part 1 of your report) assessing how 2 of the following major economic events influenced supply, demand, and economic equilibrium in U.S. economic activity: • Rapid price increases, such as those caused by the 1973 oil embargo or the aftermath of a major hurricane • Dramatic employment drops, such as the combined impact of the 2006 housing bubble burst and the subsequent Great Recession • Crippling interest rates imposed by the Federal Reserve, such as those during the 1975–1985 time period • Collapse of the Soviet Union in 1991 and the end of the Cold War and the “peace dividend” • The dot-com bubble from 1994 to 2000, and the subsequent dot-com crash Part 2: Economic Concentration Evaluation Review the Competency 1 Resources: Factors of Production & Economic Concentration. Select 1 of the economic concentrations (clusters) below: • Seattle-Tacoma-Olympia, WA aerospace / defense industry Copyright 2021 by University of Phoenix. All rights reserved. ECOCB/535 Competency 1 Rubric Page 2 of 4 • Central California winemaking industry • Hollywood movie industry • Silicon Valley Technology hub • Texas / Louisiana Gulf Coast crude oil and natural gas production and refining • Pre-1994 vs Post-1994 US auto and light truck production and the reasons for the change in economic concentration Write a 700- to 1,050-word evaluation (Part 2 of your report) of economists’ assessments of the role the 4 factors of production played in determining how the economic concentration you selected has evolved. Complete the following in your evaluation: • Analyze how the economic concentration in the area you chose was influenced by competition and pricing. • Analyze how the economic concentration in the area you chose influenced the supply chain. • Analyze which of the 4 factors of production were the most and least important in determining the economic concentration of the area you chose. • Predict changes you anticipate for the area of economic concentration you chose. Support your predictions. Consider the resources provided and other academically appropriate sources. Compile Parts 1 and 2 into one report. Cite at least 2 academically credible sources for each part. The use of charts and tables to illustrate data is highly encouraged.