Physical Good

· To what extent is does your essay focus on why defining a good is central to defining a market? What are the boundaries – particularly in terms of potential competitors? What assumptions about the behavior of buyers and sellers do you need to make to define a market? What are the implications for understanding their interaction and the determination of market equilibrium? This criterion corresponds to Taskstream “CONTEXT OF AND PURPOSE FOR WRITING INCLUDES CONSIDERATIONS OF AUDIENCE, PURPOSE, AND THE CIRCUMSTANCES SURROUNDING THE WRITING TASK(S)” · How well do you organize your facts? In other words, how well do you use documentable evidence to define the good, its buyers and sellers, and the size of its market? This criterion corresponds to Taskstream “CONTENT DEVELOPMENT”. · How well do you use the language of economics? At this stage of the course, your specialized vocabulary is probably limited to terms you have encountered in the first few chapters of our text. Use them accurately; do not use artificially elevated language. Also, how well have you addressed the requirements of this particular assignment? This criterion corresponds to Taskstream “GUIDELINES: FORMAL AND INFORMAL RULES INHERENT IN THE EXPECTATIONS FOR WRITING IN THE DISCIPLINE OF ECONOMICS”. · How well do you select and cite your sources? In other words, are your data sources reliable? Avoid aggregator websites and other tertiary sources. Sites ending in “.gov” are all reliable (ex: bea.gov, census.gov, commerce.gov). Be sure to document all your sources – including our textbook – properly. This criterion corresponds to Taskstream “SOURCES AND EVIDENCE”. · A SUCCESSFUL ESSAY WILL DESCRIBE A SINGLE GOOD BUT NOT A BRAND-NAME PRODUCT, AND NOT A VAGUE CLASS OF GOODS. FOR EXAMPLE: UNDER ARMOR(TM) SPORTS WEAR WOULD BE A BAD CHOICE FOR TWO REASONS. 1) IT’S A SINGLE BRAND; 2) IT IS TOO VAGUELY DEFINED. A BETTER CHOICE WOULD BE “LARGE SIZE COMPRESSION SHORTS SOLD AT RETAIL”. (YOU ARE FORBIDDEN TO USE THAT EXAMPLE.) · A SUCCESSFUL ESSAY WILL ALSO DESCRIBE THE CLASS OF POTENTIAL BUYERS (DEMAND) AND THE CLASS OF SELLERS (SUPPLY) FOR THE PRODUCT YOU HAVE DEFINED.