Economics for Managers ECO 6301
Unit IV Journal
This journal measures your mastery of ULOs 1.3, 3.1, 5.1, and 6.3.
Journal objective: International trade can have significant effects on domestic markets. For use in the assignment, identify a good that the United States imports and a good the United States exports.
Length: Your submission is required to be at least 2-pages and not more than 5 pages in length, not including the title page and references.
References: A minimum of 3 peer-reviewed references are required, any additional resources used are required to be scholarly/academic in nature and found in the CSU Library. APA formatting is required to be used for citations and references. Use this definition to define the term in the instructions.
Definitions: Scholarly journals are sometimes called academic journals. The terms are often used interchangeably to describe the same type of publication. These types of publications are published by universities, academic institutions, professional associations, and commercial enterprises and are compiled by scholars, academics, and other subject authorities.
Details: In your paper, include the following:
· Introduction
· supply or demand for the particular good,
· the competitiveness of that good’s market, and
· how the change in competitiveness affects market structure as well as equilibrium price and quantity.
· Stepping away from the import/export examples, describe how opening up to trade specifically affects a domestic monopoly. Include an explanation, using game theory, of how even a single additional competitor can lead to a market outcome similar to perfect competition.
· Conclusion