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Free Market and Ethical Issues

In this assignment, you will write a research paper about social problems where the free markets are not allowed to function, which includes the market for a particular illegal good or service, a regulated market, etc.

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Before beginning this assignment, view the Library Tutorial.

Markets are mechanisms for coordinating the set of connections of production operations that are distributed throughout the whole economic system. Thus, the market is the predominant and determining link between producers of goods and services and consumers. Accordingly, markets, as an exchange of goods and services that takes place as a result of buyers and sellers interactions, are generally considered the most efficient allocator of resources in the market economy. 

However, free markets are unable to solve many social problems, and they make others worse. One such social problem is illegal drugs. Another example is environmental issues such as pollution. For one example of a social problem where supply and demand is not allowed to function freely, conduct basic research on markets for human organs. There are black markets (underground economies) for human organs in some countries. But a trade in human organs, based on supply and demand, raises enormous and troubling ethical issues and shows that free markets are clearly limited in their ability to provide answers to social problems. 

Course Outcome practiced and assessed in this assignment:

GB540-1: Evaluate ethical issues in economics.

Directions

Your research should be about social problems where the free markets are not allowed to function, which includes the market for a particular illegal good or service, a regulated market, etc. 

  • Select a social problem where free markets are not allowed to function, and conduct research on the social problem.
  • Describe how free market features could be introduced to help alleviate the social problem through free market operations of supply and demand.
  • Discuss the risks of introducing market mechanisms of supply and demand in situations where ethical issues are present.
  • Explain roles of the government in maintaining ethical business practices.

Criteria

  • Your assignment should have a cover sheet with the following information: Title of the paper, Your Name, Course Number and Section Number, and Date.
  • It must be a minimum of five pages long (excluding title page, references, etc.).
  • Be sure to include the criteria located in the rubric below within your paper.
  • It must be APA formatted with citations to your sources and your last page should list all references used. For assistance on APA format, visit the various writing resources, accessed under the Academic Tools area in the left navigation pane.
  • You must use a variety of three objective, high quality, and current sources. Peer reviewed articles, articles published in journals, textbooks, and library resources found in the Library are examples of high quality resources.
  • Note that Wikipedia, Investopedia, etc. are not considered as reliable resources for this research.

Directions for Submitting

Submit your Assignment to the Unit 1 Assignment Dropbox by the end of Unit 1. 

Rubric Title: GB540 Unit 1 Assignment Rubric

Assignment Criteria Level III Level II Level I Not Present

Criteria 1 (16%) Level III Max Points: 20

Level II Max Points: 17

Level I Max Points: 14

Not Present

Select a Specific Social Problem

Meets all criteria: ● Identifies a specific

social problem. ● Explains the social

problem. ● Explains why free

markets are not allowed to function.

Meets two criteria: ● Identifies a specific

social problem. ● Explains the social

problem. ● Explains why free

markets are not allowed to function.

Meets one criterion: ● Identifies a specific

social problem. ● Explains the social

problem. ● Explains why free

markets are not allowed to function.

● Does not meet any criteria.

Criteria 2 (24%) Level III Max Points: 30

Level II Max Points: 25.5

Level I Max Points: 21

Not Present

Free Markets and Social Problems

Meets all criteria:

● Describes how free market features could be used to help alleviate the social problem.

● Explains how to alleviate the social problem through supply.

● Explains how to alleviate the social problem through demand.

Meets two criteria:

● Describes how free market features could be used to help alleviate the social problem.

● Explains how to alleviate the social problem through supply.

● Explains how to alleviate the social problem through demand.

Meets one criterion:

● Describes how free market features could be used to help alleviate the social problem.

● Explains how to alleviate the social problem through supply.

● Explains how to alleviate the social problem through demand.

● Does not meet any criteria.

Assignment Criteria Level III Level II Level I Not Present

Criteria 3 (24%) Level III Max Points: 30

Level II Max Points: 25.5

Level I Max Points: 21

Not Present

Market Mechanisms and Ethical Issues

Meets all criteria: ● Discusses the risks

of introducing market mechanisms where ethical issues are present.

● Provides the risks on the supply side.

● Provides the risks on the demand side.

Meets two criteria: ● Discusses the risks of

introducing market mechanisms where ethical issues are present.

● Provides the risks on the supply side.

● Provides the risks on the demand side.

Meets one criterion: ● Discusses the risks of

introducing market mechanisms where ethical issues are present.

● Provides the risks on the supply side.

● Provides the risks on the demand side.

● Does not meet any criteria.

Criteria 4 (16%) Level III

Max Points: 20 Level II

Max Points: 17 Level I

Max Points: 14 Not Present

Roles of Government and Ethical Business

Practices

Meets all criteria: ● Explains the roles

of the government in maintaining ethical business practices.

● Provides four rules and regulations on ethical business practices.

Meets all criteria: ● Explains the roles of

the government in maintaining ethical business practices.

● Provides only three rules and regulations on ethical business practices.

Meets all criteria: ● Explains the roles of

the government in maintaining ethical business practices.

● Provides only two rules and regulations on ethical business practices.

● Does not meet any criteria.

Criteria 5 (10%) Level III Max Points: 12.5

Level II Max Points: 10.625

Level I Max Points: 8.75

Not Present

APA Style

Meets all criteria: ● Applies APA style to

in-text citations with minor to no errors

● Applies APA style to references, with minor to no errors

Meets two criteria: ● Applies APA style to in-

text citations with minor to no errors

● Applies APA style to references, with minor to no errors

Meets one criterion: ● Applies APA style to in-

text citations with minor to no errors

● Applies APA style to references, with minor to no errors

● Does not meet any criteria.

Assignment Criteria Level III Level II Level I Not Present ● Resources are from

reliable and/or scholarly sources

● Resources are from reliable and/or scholarly sources

● Resources are from reliable and/or scholarly sources

Criteria 6 (10%) Level III Max Points: 12.5

Level II Max Points: 10.625

Level I Max Points: 8.75

Not Present

Writing Conventions Meets all criteria: ● Writing is focused,

concise, and organized

● Articulates at a college level

● Few or no grammar or punctuation errors

● Uses non-offensive, inclusive, and respectful language

Meets three criteria: ● Writing is focused,

concise, and organized ● Articulates at a college

level ● Few or no grammar or

punctuation errors ● Uses non-offensive,

inclusive, and respectful language

Meets one to two criteria: ● Writing is focused,

concise, and organized ● Articulates at a college

level ● Few or no grammar or

punctuation errors ● Uses non-offensive,

inclusive, and respectful language

● Does not meet any criteria.

Maximum Total Points 125 (100%) 106.25 (85%) 87.50 (70%) 0

Minimum Total Points 106.251 points minimum

87.501 points minimum 0.001 point minimum 0

Rubric Title: GB540 Unit 3 Assignment Rubric

Assignment Criteria Level III Level II Level I Not Present Criteria 1 (36%) Level III

Max Points: 45 Level II

Max Points: 38.25 Level I

Max Points: 31.5 Not Present

Assignment Criteria Level III Level II Level I Not Present

Price Elasticity and Total Revenue

Meets all criteria: ● Explains the

relationship between the price elasticity of demand and total revenue.

● Describes the impacts of various forms of elasticities (elastic, inelastic, unit elastic, etc.) on business decisions and strategies to maximize profit.

● Explains price elasticity using empirical examples, formulas, and graphs.

Meets two criteria: ● Explains the

relationship between the price elasticity of demand and total revenue.

● Describes the impacts of various forms of elasticities (elastic, inelastic, unit elastic, etc.) on business decisions and strategies to maximize profit.

● Explains price elasticity using empirical examples, formulas, and graphs.

Meets one criterion: ● Explains the

relationship between the price elasticity of demand and total revenue.

● Describes the impacts of various forms of elasticities (elastic, inelastic, unit elastic, etc.) on business decisions and strategies to maximize profit.

● Explains price elasticity using empirical examples, formulas, and graphs.

● Does not meet any criteria.

Criteria 2 (20%) Level III

Max Points: 25 Level II

Max Points: 21.25 Level I

Max Points: 17.5 Not Present

Price Elasticity in the Short Run and Long Run

Meets all criteria: ● Determines

whether the price elasticity of demand and price elasticity of supply are more elastic over a shorter or a longer period.

● Provides explanations of the short term and long term.

● Provides examples for the short term and long term.

Meets two criteria: ● Determines whether

the price elasticity of demand and price elasticity of supply are more elastic over a shorter or a longer period.

● Provides explanations of the short term and long term.

● Provides examples for the short term and long term.

Meets one criterion: ● Determines whether

the price elasticity of demand and price elasticity of supply are more elastic over a shorter or a longer period.

● Provides explanations of the short term and long term.

● Provides examples for the short term and long term.

● Does not meet any criteria.

Assignment Criteria Level III Level II Level I Not Present Criteria 3 (24%)

Level III Max Points: 30

Level II Max Points: 25.5

Level I Max Points: 21

Not Present

Government Failures and Market Imperfections

Meets all criteria: ● Describes the

impacts of market imperfections on the price elasticities of demand.

● Describes the impacts of market imperfections on the price elasticities of supply.

● Describes the impacts of government failures on the price elasticities of demand.

● Describes the impacts of government failures on the price elasticities of supply.

Meets three criteria: ● Describes the impacts

of market imperfections on the price elasticities of demand.

● Describes the impacts of market imperfections on the price elasticities of supply.

● Describes the impacts of government failures on the price elasticities of demand.

● Describes the impacts of government failures on the price elasticities of supply.

Meets one to two criteria: ● Describes the impacts

of market imperfections on the price elasticities of demand.

● Describes the impacts of market imperfections on the price elasticities of supply.

● Describes the impacts of government failures on the price elasticities of demand.

● Describes the impacts of government failures on the price elasticities of supply.

● Does not meet any criteria.

Criteria 4 (10%) Level III Max Points: 12.5

Level II Max Points: 10.625

Level I Max Points: 8.75

Not Present

APA Style

Meets all criteria: ● Applies APA style to

in-text citations with minor to no errors

● Applies APA style to references, with minor to no errors

● Resources are from reliable and/or scholarly sources

Meets two criteria: ● Applies APA style to in-

text citations with minor to no errors

● Applies APA style to references, with minor to no errors

● Resources are from reliable and/or scholarly sources

Meets one criterion: ● Applies APA style to in-

text citations with minor to no errors

● Applies APA style to references, with minor to no errors

● Resources are from reliable and/or scholarly sources

● Does not meet any criteria.

Assignment Criteria Level III Level II Level I Not Present Criteria 5 (10%) Level III

Max Points: 12.5 Level II

Max Points: 10.625 Level I

Max Points: 8.75 Not Present

Writing Conventions Meets all criteria: ● Writing is focused,

concise, and organized

● Articulates at a college level

● Few or no grammar or punctuation errors

● Uses non-offensive, inclusive, and respectful language

Meets three criteria: ● Writing is focused,

concise, and organized ● Articulates at a college

level ● Few or no grammar or

punctuation errors ● Uses non-offensive,

inclusive, and respectful language

Meets one to two criteria: ● Writing is focused,

concise, and organized ● Articulates at a college

level ● Few or no grammar or

punctuation errors ● Uses non-offensive,

inclusive, and respectful language

● Does not meet any criteria.

Maximum Total Points 125 (100%) 106.25 (85%) 87.50 (70%) 0

Minimum Total Points 106.251 points minimum

87.501 points minimum 0.001 point minimum 0

Rubric Title: GB540 Unit 4 Assignment Rubric

Assignment Criteria Level III Level II Level I Not Present

Criteria 1 (16%) Level III Max Points: 20

Level II Max Points: 17

Level I Max Points: 14

Not Present

Firm’s History

Meets all criteria: ● Selects a global

Fortune 500 company.

● Analyzes the firm’s history.

● Summarizes the firm’s economic, social and political forces that affect the firm.

Meets two criteria: ● Selects a global

Fortune 500 company. ● Analyzes the firm’s

history. ● Summarizes the firm’s

economic, social and political forces that affect the firm.

Meets one criterion: ● Selects a global

Fortune 500 company. ● Analyzes the firm’s

history. ● Summarizes the firm’s

economic, social and political forces that affect the firm.

● Does not meet any criteria.

Criteria 2 (40%) Level III

Max Points: 50 Level II

Max Points: 42.5 Level I

Max Points: 35 Not Present

Assignment Criteria Level III Level II Level I Not Present

Firm’s Financial Performance

Meets all criteria: ● Presents the firm’s

recent and current operating results (financial performance) data in a table.

● Evaluates the firm’s recent operating results.

● Analyzes the major economic forces that affect the firm.

● Discusses key social forces that affect the performance of the firm.

● Discusses major political forces that affect the operation of the firm.

Meets three to four criteria: ● Presents the firm’s

recent and current operating results (financial performance) data in a table.

● Evaluates the firm’s recent operating results.

● Analyzes the major economic forces that affect the firm.

● Discusses key social forces that affect the performance of the firm.

● Discusses major political forces that affect the operation of the firm.

Meets one to two criteria: ● Presents the firm’s

recent and current operating results (financial performance) data in a table.

● Evaluates the firm’s recent operating results.

● Analyzes the major economic forces that affect the firm.

● Discusses key social forces that affect the performance of the firm.

● Discusses major political forces that affect the operation of the firm.

● Does not meet any criteria.

Criteria 3 (32%) Level III

Max Points: 40 Level II

Max Points: 34 Level I

Max Points: 28 Not Present

Firm’s SWOT Analysis and the Firm’s Future

Meets all criteria: ● Presents SWOT

analysis for the firm. ● Discusses the

factors the firm needs to predict for the future.

● Discusses the factors the firm will need to plan.

● Discusses factors that the firm will need to change (adjust) in the future.

Meets three criteria: ● Presents SWOT

analysis for the firm. ● Discusses the factors

the firm needs to predict for the future.

● Discusses the factors the firm will need to plan.

● Discusses factors that the firm will need to change (adjust) in the future.

Meets one to two criteria: ● Presents SWOT

analysis for the firm. ● Discusses the factors

the firm needs to predict for the future.

● Discusses the factors the firm will need to plan.

● Discusses factors that the firm will need to change (adjust) in the future.

● Does not meet any criteria.

Assignment Criteria Level III Level II Level I Not Present Criteria 4 (6%)

Level III Max Points: 7.5

Level II Max Points: 6.375

Level I Max Points: 5.25

Not Present

APA Style

Meets all criteria: ● Applies APA style to

in-text citations with minor to no errors

● Applies APA style to references, with minor to no errors

● Resources are from reliable and/or scholarly sources

Meets two criteria: ● Applies APA style to in-

text citations with minor to no errors

● Applies APA style to references, with minor to no errors

● Resources are from reliable and/or scholarly sources

Meets one criterion: ● Applies APA style to in-

text citations with minor to no errors

● Applies APA style to references, with minor to no errors

● Resources are from reliable and/or scholarly sources

● Does not meet any criteria.

Criteria 5 (6%) Level III

Max Points: 7.5 Level II

Max Points: 6.375 Level I

Max Points: 5.25 Not Present

Writing Conventions Meets all criteria: ● Writing is focused,

concise, and organized

● Articulates at a college level

● Few or no grammar or punctuation errors

● Uses non-offensive, inclusive, and respectful language

Meets three criteria: ● Writing is focused,

concise, and organized ● Articulates at a college

level ● Few or no grammar or

punctuation errors ● Uses non-offensive,

inclusive, and respectful language

Meets one to two criteria: ● Writing is focused,

concise, and organized ● Articulates at a college

level ● Few or no grammar or

punctuation errors ● Uses non-offensive,

inclusive, and respectful language

● Does not meet any criteria.

Maximum Total Points 125 106.25 87.50 0

Minimum Total Points 106.251points minimum 87.501 points minimum 0.001 point minimum 0

Rubric Title: GB540 Unit 6 Assignment Rubric

Assignment Criteria Level III Level II Level I Not Present

Criteria 1 (34%) Level III Max Points: 44.2

Level II Max Points: 37.57

Level I Max Points: 30.94

Not Present

Assignment Criteria Level III Level II Level I Not Present

Firm’s Strategies and Macroeconomic Indicators

Meets all criteria: ● Selects the same

global fortune 500 company as the Unit 4 Assignment.

● Selects 6-10 macroeconomic indicators.

● Discusses each of the macroeconomic indicators.

● Explains the relevance of the macroeconomic indicators to the performance of the firm.

● Outlines strategies of how the firm responds to changes in the macroeconomic indicators.

Meets three to four criteria: ● Selects the same global

fortune 500 company as the Unit 4 Assignment.

● Selects 6-10 macroeconomic indicators.

● Discusses each of the macroeconomic indicators.

● Explains the relevance of the macroeconomic indicators to the performance of the firm.

● Outlines strategies of how the firm responds to changes in the macroeconomic indicators.

Meets one to two criteria: ● Selects the same global

fortune 500 company as the Unit 4 Assignment.

● Selects 6-10 macroeconomic indicators.

● Discusses each of the macroeconomic indicators.

● Explains the relevance of the macroeconomic indicators to the performance of the firm.

● Outlines strategies of how the firm responds to changes in the macroeconomic indicators.

● Does not meet any criteria.

Criteria 2 (23%) Level III Max Points: 29.9

Level II Max Points: 25.415

Level I Max Points: 20.93

Not Present

Firm’s global operations and integrations at the regional and national levels.

Meets all criteria: ● Examines how well

the firm has operated in the past.

● Analyzes the firm’s current financial state and performance.

● Analyzes the firm’s current financial state and performance with relevant data in the

Meets two criteria: ● Examines how well the

firm has operated in the past.

● Analyzes the firm’s current financial state and performance.

● Analyzes the firm’s current financial state and performance with relevant data in the form of tables and/or graphs.

Meets one criterion: ● Examines how well the

firm has operated in the past.

● Analyzes the firm’s current financial state and performance.

● Analyzes the firm’s current financial state and performance with relevant data in the form of tables and/or graphs.

● Does not meet any criteria.

Assignment Criteria Level III Level II Level I Not Present form of tables and/or graphs.

Criteria 3 (23%) Level III

Max Points: 29.9 Level II

Max Points: 25.415 Level I

Max Points: 20.93 Not Present

Future Plan, Rooms for Improvement

Meets all criteria: ● Discusses plans and

possibilities the firm has for the future.

● Presents an explanation and analysis of where there is a room for improvement.

● Evaluates whether the firm should add new ventures.

● Analyzes how well the firm’s strategies that have worked to date.

Meets three criteria: ● Discusses plans and

possibilities the firm has for the future.

● Presents an appropriate explanation and analysis of where there is a room for improvement.

● Evaluates whether the firm should add new ventures.

● Analyzes how well the firm’s strategies that have worked to date.

Meets one to two criteria: ● Discusses plans and

possibilities the firm has for the future.

● Presents an appropriate explanation and analysis of where there is a room for improvement.

● Evaluates whether the firm should add new ventures.

● Analyzes how well the firm’s strategies that have worked to date.

● Does not meet any criteria.

Criteria 4 (10%) Level III

Max Points: 13 Level II

Max Points: 11.05 Level I

Max Points: 9.1 Not Present

Multiculturalism and Diversity

Meets all criteria: ● Assesses the value

of multiculturalism and diversity in operating in a global environment.

● Explains the impacts of multiculturalism and diversity on the company’s global operations.

● Explains how the company deals with multiculturalism and

Meets two criteria: ● Assesses the value of

multiculturalism and diversity in operating in a global environment.

● Explains the impacts of multiculturalism and diversity on the company’s global operations.

● Explains how the company deals with multiculturalism and

Meets one criterion: ● Assesses the value of

multiculturalism and diversity in operating in a global environment.

● Explains the impacts of multiculturalism and diversity on the company’s global operations.

● Explains how the company deals with multiculturalism and

● Does not meet any criteria.

Assignment Criteria Level III Level II Level I Not Present diversity in its global operations.

diversity in its global operations.

diversity in its global operations.

Criteria 5 (5%) Level III

Max Points: 6.5 Level II

Max Points: 5.525 Level I

Max Points:4.55 Not Present

APA Style

Meets all criteria: ● Applies APA style to

in-text citations with minor errors

● Applies APA style to references, with minor to no errors

● Resources are from reliable and/or scholarly sources

Meets two criteria: ● Applies APA style to in-

text citations with minor errors

● Applies APA style to references, with minor errors

● Resources are from reliable and/or scholarly sources

Meets one criterion: ● Applies APA style to in-

text citations with minor errors

● Applies APA style to references, with minor errors

● Resources are from reliable and/or scholarly sources

● Does not meet any criteria.

Criteria 6 (5%) Level III Max Points: 6.5

Level II Max Points: 5.525

Level I Max Points: 4.55

Not Present

Writing Conventions Meets all criteria: ● Writing is focused,

concise, and organized

● Articulates at a college level

● Few or no grammar or punctuation errors

● Uses non-offensive, inclusive, and respectful language

Meets three criteria: ● Writing is focused,

concise, and organized ● Articulates at a college

level ● Few or no grammar or

punctuation errors ● Uses non-offensive,

inclusive, and respectful language

Meets one to two criteria: ● Writing is focused,

concise, and organized ● Articulates at a college

level ● Few or no grammar or

punctuation errors ● Uses non-offensive,

inclusive, and respectful language

● Does not meet any criteria.

Maximum Total Points 130 (100%) 110.50 (85%) 91.0 (70%) 0

Minimum Total Points 110.501 points minimum

91.001 points minimum 0.001 point minimum 0

Updated 2/2/2021

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