Economic Principles

Essay Instructions:

Here are the instructions and the template attachment for week 5. I decided to choose the wine industry. Overview In this assignment, you will develop a paper in which you select an industry that interests you, describe that industry, and explain how the government might impact the industry. I chose the wine industry. Instructions Review your chapter readings and use the resources provided to develop a 2–3 page paper on Economic Principles – Microeconomics in which you: Choose an industry that interests you. (Remember: An industry is not a company. It is a group of companies doing the same thing. Ford is a company. Automobile manufacturing is an industry.) Do research on your industry. In a few short paragraphs, describe your selected industry: Be sure to write in your own words. Identify some of the major companies in this industry. Identify the goods, and/or services this industry produces. Add anything else about the industry that you think is interesting. Keep track of your sources and list them at the bottom of your paper according to SWS. Describe a microeconomic variable for your industry. Microeconomic variables include prices, sales, production, advertising, investment, and so on. Include a graph, chart, or table showing this microeconomic variable over time. You do not need to create this graph, chart, or table. Find one that has already been created and paste it into your paper. For example, if your industry is U.S. automobile manufacturing, Google, "U.S. automobile manufacturing over time." Select the "images" option. Choose one of the graphs, charts, or tables. Then copy and paste it into your paper. Include a reference to the source of the graph, chart, or table. Microeconomic relationships and market outcomes are covered in Weeks 2–4. Describe one way the government might impact this industry. Examples might include price controls, regulations, taxes, or any other way you can think of. Government intervention through price controls, regulations, taxes, and antitrust enforcement were covered in Weeks 2 and 4. This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting Resources to Complete the Assignment Statista. The specific course learning outcome associated with this assignment is: Explain economic principles and their applications in the real world.

Essay Sample Content Preview:

Economic Principles Your Name Subject and Section Professor’s Name December 12, 2024 The Wine Industry is perhaps one of the oldest and most sought after industries due to its global demand. Accordingly, the following paper will examine the wine industry's natural, economic, and cultural dynamics – a multibillion-dollar industry with a global reach. This wine and bottled beverage industry has various products, from table wines to exceptional, rare vintages, governed by several microeconomic factors. Price, demand, supply, and cost of production are some of the most influential microeconomic factors influencing the wine industry. The microeconomic variable of the price depends on grape quality, production costs, brand image, the extent of demand for the product, and market trends. For example, a high vintage with excellent grape quality will fetch high prices in the market. On the other hand, business cycles may act differently and result in lower sales, which implies that the demand affects the prices. They include variability in grape yields and qualities due to climate change, another element that impacts prices. This paper will aim to establish that the demand for wine is influenced by factors such as consumers' tastes, consumers' ability to pay, culture, and promotion. An emerging phenomenon showing concern with the culture of wine and concern with wines, especially in the growing markets, leads to greater demands for local and imported wines. Furthermore, regulation influences demand since the shift in consumers' preferences to organic and biodynamic wines has occasioned changes in demand. Economic Principles Specific factors that affect the supply of wine are weather conditions, diseases, labor, and technology. This is because things like a specific frost or a hail may lead to a cut in grape yields, affecting wine supply. Also, problems of inadequate workforce, especially in harvesting periods, may limit wine production. Improved vineyard management technology and improved winemaking technology are technological improvements that influence supply, relating to technological factors. Cost of production is one of the key determinants of the feasibility of wine production. S...

Updated on March 5, 2025

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