eco wk2

Markets and the Economics of the Public Sector Grading Guide

ECO/365 Version 10

Individual Assignment: Markets and the Economics of the Public Sector Purpose of Assignment In Week 2, students will employ the supply and demand model to develop consumer surplus and producer surplus as a measure of welfare and market efficiency. Students learn about welfare economics—the study of how the allocation of resources affects economic well-being—and will discover that under most circumstances, the equilibrium price and quantity is also the one that maximizes welfare. Students will review different sources of externalities and a variety of potential cures and will see that while markets are usually a good way to organize economic activity, governments can sometimes improve market outcomes. Students will see how the U.S. government raises and spends money and the difficulty of making a tax system both efficient and equitable. Grading Guide

Content	Met	Partially Met	Not Met	Comments:
Students explained why equilibrium of supply and demand is desirable.
Students explained the concepts of efficiency of markets, costs of taxation, and benefits of international trade using the concept of consumer and producer surplus.
Students discussed how externalities may prevent market equilibrium and the various government policies used to remedy the inefficiencies in markets caused by externalities.
Students analyzed the difference between the efficiency of a tax system and the equity of a tax system as it refers to the costs imposed on taxpayers using the benefits principles.
The student cited a minimum of three peer-reviewed sources, not including the textbook.
The paper is 1,050 words in length.
		Total Available	Total Earned
			#/7

Writing Guidelines	Met	Partially Met	Not Met	Comments:
The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements.
Intellectual property is recognized with in-text citations and a reference page.
Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper.
Sentences are complete, clear, and concise.
Rules of grammar and usage are followed including spelling and punctuation.
		Total Available	Total Earned
			#/3

Assignment Total	#	10	#/10
Additional comments: