Overview
PURPOSE
Apply economic theory to analyze and explain movements in market price and volumes of a particular good or service with the demand-supply model.
OUTLINE OF YOUR SUBMISSION
1. Introduction and Market Definition. Clearly describe the good or service and the geographical boundaries of the market.
2. Show price and quantity data for each of the last 5 years. Describe the trend in both variables. This data is the object of the analysis...it has to go first!
3. Identify and Describe Shifts in Demand over the last 5 years. Indicate shifts in demand and describe the main drivers (along the lines of the determinants of demand) of these shifts.
4. Identify and Describe Shifts in Supply over the last 5 years. Basically do for supply what you did for demand.
5. Conclusion, quickly linking the identified shifts in demand and to the observed changes in price and quantity.
SUGGESTION
Choose a product/service that is well-defined and for which suitable data is relatively easy to get. If you can't find specific price and quantity data for the market you want to look at, then move on and choose a market that you can get data for. The data for commodities (such as oil, gold, etc.) is generally going to be the most straightforward to get. Students may not choose a particular brand of good or service. Students should also avoid markets for labor (nurses for example).
Here are few data sources that may be useful to get you started...
- Statista and IBISWorld (and other sources) via the UWW library (to get subscriber access).
- IBISWorld database link via Andersen LibraryLinks to an external site.
- Statista database link via Andersen LibraryLinks to an external site.
- Research Tutorial: Using Library Databases for Business Research (YT)Links to an external site.
- Research Tutorial: Finding Product Demand (YT)Links to an external site.
- Federal Reserve Economic Database (FRED) - Commodity Prices: https://fred.stlouisfed.org/categories/32217Links to an external site. (lots of other economic data on FRED too)
- International Monetary Fund (IMF) - Primary Commodity Prices: https://www.imf.org/en/Research/commodity-pricesLinks to an external site.
- IMF Data Source Matrix (data available by database): https://www.imf.org/external/np/ds/matrix.htmLinks to an external site.
- Google search
REQUIREMENTS
--Additional technical requirements for the paper can be found in this quick-guide for the report Download quick-guide for the report.
--You may pair up with another student and make a joint submission. There is a Written Reports Match-Making forum in Discussions to facilitate pairing.
--No longer than 1100 words in your narrative. All narrative must be your own original writing. Do not copy or quote *any* prose from elsewhere, cited or not. Submission must be well-written, grammatically correct, and clearly communicate ideas to the reader.
--Bibliography must include at least 4 sources. APA and MLA citation standards are both acceptable. Submissions without full and proper entries in the bibliography will not be assessed, and delay in fixing it beyond the due date will make the submission late.
--The tone of your submission should be strictly analytical and critical. Claims of fact must be substantiated.
--The good/service cannot be any specific brand because students end up doing more product analysis/promotion than economic analysis. Students should avoid markets for labor as well.
ASSESSMENT
Submissions are evaluated as Very Good, Good Enough. Not Good Enough. or Unacceptable.
Assessment Categories:
- Trend data for last 5 years
- Use of demand concepts
- Use of supply concepts
- Focus and Organization
- Language Use
- Bibliography (y/n)