ECO 100 Principles of Economics Please assist with the assignment uploaded
ANSWER
Economic Report on the Smartphone Market
Sector Overview:
The manufacturing of smartphones has been chosen as the industry for this economic brief. This sector is classified under NAICS code 334220, which also includes the production of equipment for wireless communications and radio and television broadcasting. This industry is significantly impacted by smartphones, which create mobile communication devices with various characteristics like multimedia, computing, and telephone capabilities.
Market Structure and Characteristics: The smartphone business has an oligopoly market structure, which is a few dominant major firms’ characteristics; for instance, the market share is mainly controlled by a small number of significant competitors like Apple, Samsung, and Huawei. In oligopolies, decisions made by one firm can significantly impact the strategies used by other competitors.
QUESTION
Description
Instructions
Review your previous chapter readings and use the resource above to develop an economic brief that is two to three (2-3) pages long in which you:
- Select an industry and describe the goods and/or services this industry produces. Use the NAICS resource above to help you select an industry (and/or subsector) for your brief.
- Identify this industry’s market structure and at least two or more market characteristics that support this market structure. (Market structures are covered in Weeks 3 and 4.)
- Describe any notable microeconomic relationships, market outcomes, and/or trends in this industry. Include a graph, chart, or table containing related data. (Microeconomic relationships and market outcomes are covered in Weeks 2 through 4.)
- How might government impact this industry’s market prices, output, and/or market structure? (Government intervention through price controls, industry regulations, and antitrust enforcement is covered in Weeks 2 and 4.)
- This course requires use of Strayer Writing Standards (SWS). The format is different compared to other Strayer University courses. Please take a moment to review the SWS documentation for details. (Note: You’ll be prompted to enter your Blackboard login credentials to view these standards.)
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- Your brief should include a cover page.
- Your brief should be two to three (2-3) pages in length (not including the cover page), double-spaced, 12-point font.
- Your brief should include a minimum of one (1) reference/citation in the text.
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