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29 Apr 2019

Find a news-type article (not a “definitional” type article) that contains timely information about one of these topics (GDP, recession, inflation, leading economic indicators, federal budget deficit and debt, etc.). The article must be dated within the last six months. Using your own words, summarize the article in your essay. What terms did you find that link the information to our text? Identify and define at least one term that indicated to you this article is relevant to the material from the chapter. Why is this article important? How/why is it important to you or to the macro economy? Be certain to include the link to your information.

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Collen Von
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30 Apr 2019

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Principles of Economics
2nd Edition, 2017
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ISBN: 9781947172364
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ISBN: 9781947172388
Principles of Microeconomics
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For questions 1, 2, 3, and 6 you are welcome to use Wikipedia. However, you should cite at least two other sources in each question. Your sources should be identified at the end of each answer. As you can see by now many of the assignments are very important to our understanding of the topics, but they have not been integrated as well into the course as I would like. This assignment is very different. Much of the discussion here is to better understand Latin America, a region of the world that we will need to skip because of time constraints. Some of you will be writing a country report about one that uses ISI. Some of this information may be useful to include in your report. Other sources you could consult are in the reference section of the library or you can ask a librarian for help. 1. What is Import Substitution Industrialization? (between 200-400 words) 2. Raul Prebisch was one of the prominent proponents of ISI, write a short biography of him (between 200-400 words) 3. Explain why Prebisch and others proposed ISI (up to 250 words). 4. Visit the site EconoMonitor and once there search for the article On Populism in Argentina (and other Latin American Countries) by Nicholas Magud published June 25th, 2008. Summarize it. 5. Brazil, Argentina, Peru, Mexico, and Bolivia among many countries followed both ISI and Economic populism. Visit the IMF site at www.imf.org and click on Data and Statistics, then click on World Economic Outlook Databases, select the October 2014 database,and select By Countries, next Latin America and the Caribbean. Find inflation in percent change for Argentina, since 1980 to date and graph the data in several sub-periods so it can show the different inflation rates better. In a couple paragraphs describe what you see. 6. Brazil, Chile, Peru, Bolivia, Argentina, and India followed ISI and different levels of Economic Populism, choose one of these five countries and explain when your selected country followed ISI and when it stopped following ISI? Why did your country stop using ISI? What were the consequences of ISI and Economic Populism in your country? (no less than 250 words and up to 700 words)

Your discussion post task for this week is to choose an article from http://perc.org/ and show how an understanding of economics has allowed you to better comprehend the subject at hand. Here's how to do it: Find and attach a working link to one of PERC's many articles. Next, give a four to six sentence summary of the article and how it relates to the economic concepts we have been uncovering throughout the course as a whole. (Here are some of the topics which have been covered, Price, Quantity, Leisure/Labor, SE, IE, Incentives, Price floor, Price ceiling...etc.)

TBT: Paying to Play in National Parks

Next week is National Park Week. To celebrate, the National Park Service is waiving admission fees to all national parks, advocating that this is a week for Americans to discover their national parks and the wonders they contain.

Unfortunately, visitors to national parks are going to find more than herds of buffalo and scenic vistas. With the National Park Service facing nearly $12 billion in deferred maintenance, park guests will also encounter potholes, leaky wastewater systems, and run-down campgrounds. To make matters even worse, not charging an entry fee strips parks of the potential visitor revenues to address these problems.

In 1996, Terry Anderson and Mark Liffman outlined how allowing national parks to charge and retain visitor fees could help parks help themselves in the Chicago Tribune:

A new day is dawning in our national parks. Congress has passed a law allowing the National Park Service to begin a two-year pilot program at 10 designated parks. These parks may charge higher entrance fees and, more importantly, each park will keep 80 percent of the additional revenues it earns.

This change could transform the major parks such as Yellowstone. The crown jewel of our national park system has been tarnished by money problems. This spring, the Park Service delayed the opening of the Beartooth Highway, which brings visitors to the northeast entrance. Then it kept two campgrounds and a museum closed for the summer. And the potholes throughout the park aren't getting any better.

Yellowstone has already taken one tentative step in the direction of higher fees. In 1992 the park introduced fishing fees of $5 for a seven-day permit ($10 for a season pass). Last year, these fees raised $430,000. The money remained in the park and was used to control exotic fish in Yellowstone's streams and rivers and pay for research on whirling disease, which threatens trout in many parts of the West.

Parks like Yellowstone can become self-supporting. The revenues can improve the parks and reduce the burden on taxpayers who do not use the facilities. This combination is surely better for the parks, for the U.S. Treasury, and the millions of visitors enjoying our natural heritage.

If we want to keep the “crown jewel” status of our national parks, we need to give parks the tools for success. One such tool to fight the enormous maintenance backlog is to continue to allow park managers to charge recreation fees and use the revenues for maintenance and critical projects.

Before 1996, parks deposited collected recreation fees into the U.S. Treasury and relied on Congress to appropriate funds back to them. Today, the Federal Lands Recreation Enhancement Act (FLREA) allows at least 80 percent of park fees to remain in the park where they were collected.

Fee revenues allow parks to address critical needs without depending entirely on unreliable Congressional funding. Local park managers decide how fee revenues are spent, which is a critical step in breaking the backlog because no one understands the maintenance challenges facing national parks better than the park managers themselves.

Though Congress still provides more than 90 percent of national park funding, the National Park Service has collected more than $2.75 billion through its recreation fee program. In 2014, FLREA funded nearly 1,545 projects in national parks, half of which addressed deferred maintenance and improved facilities.

As we take the next week to appreciate our national parks and the heritage they represent, we must also seek ways to maintain and improve them. Allowing parks to charge and keep visitor fees is a useful tool for polishing our crown jewels.

- See more at http://www.perc.org/blog/tbt-paying-play-national-parks#sthash.k8DVqYsg.dpuf

The purpose behind much of advertising is to influence each of the five Consumer Decision Making process (Problem Recognition, Information Search, Evaluation of Alternatives, Product Choice (i.e. Purchase) and Outcomes (i.e. Postpurchase). Each stage of the Consumer Decision Making process has techniques that help consumers to manage the stage and then move onto the next one successfully. Eventually, the consumer moves to purchase (where we get excited to make the sale) but don't underestimate how important the last stage (post purchase) is to making additional sales in the future. Below are guidelines that show basic techiniques used to target and manipulate each Consumer Decision Stage through advertising.

Below are some issues that you will want to consider as you evaluate each of the five chosen advertisements. Please remember that your goal is not simply to answer these questions, but to provide insights into the consumer’s decision making process that you feel would be useful to a marketing manager (e.g., if an ad triggered the consumer’s decision to purchase the product). Other areas to comment on would be level of involvement, etc.

Consumer Decision Making Stage:

Considerations for Stage:

Common Ad Techniques:

Problem Recognition

What problems does this product solve for the consumer? • What triggered the decision to purchase this product? • Was this the first time the consumer purchased such a product?

Define and discern the Actual and Desired States

Ask a question (What’s for dinner tonight?)

Show before (actual state) and after (desired state)

Use the word “new” or “introducing” to initiate curiosity.

Information Search

• Did the consumer seek information about the product and about various brands? How was this information collected, and how much information was collected? • Was the consumer searching for any advertisements for the product? What was the consumer’s reaction to these advertisements?

Match amount of information with type of product.

Direct consumers to website, free kit or other information venues.

Show role models that “look” like the target market.

Show the entire line of product offerings (all the flavors and colors, etc.)

Testimonials, etc.

Evaluation of Alternatives

• How many alternatives were considered? How were they selected?• What features and characteristics of the product were most important to the consumer? Salient and Determinant defined attributes.
• How important was the brand of the product to the consumer?

Featuring specific variables that the product is known for (ex. Volvo=Safety). This is known as “positioning” a product.

Competitive method (brand compares themselves to “leading brand or category”)

Comparative method (brand compares themselves to another brand by name (Coke vs. Pepsi)

Product Choice

• Did any other people play a role in the decision process? Describe theroles that each person played.
• How was the final choice determined? How carefully was the decision made?
• Where did the consumer make the purchase? Why? • Did the consumer pay full price for the product?

Tell consumers where and how the product is sold.

Offer many ways to pay for the product.

Divide payments.

Offer sales promotion (coupons, rebates)

Post-Purchase Evaluation

• How is the product used and consumed? How does the consumer feel when he or she uses the product?
• What is the meaning of this product to the consumer?

Does it merely
serve a function for the consumer, or does it say something about who the consumer is?

Does the Ad encourage repeat purchase or loyalty to the brand- how?

Show awards the brand has won.

Show how a brand should be consumed.

Allow consumers many ways to return the product.

Allow consumers to easily provide feedback.

Reward consumers loyalty

This assignment asks you to find one ad that addresses each of the needs of the five stages (in other words five different ads). This means that there must be five different ads for the total project, one for each stage (all ads are different from one another). Create a Power Point Presentation that shows how the advertiser is addressing the needs of the consumer for the specific Consumer Decision Making stage.

*Be aware that there is a helpful power point demonstration in a conference opened this week marked as "Advertising and the Consumer Decision Process (Ad Examples)". This is informative only and does not need to be commented on.

First, show the ad in a slide and then follow-up with a slide which explains (bullet form) why the ad slide targets the Consumer Decision Making process stage. ALL ADS MUST BE STILL ADS (NO VIDEOS or LINKS). Therefore the ad MUST be able to be copied and pasted within the power point slide (NO LINKS). Here is the format of the presentation:

Slide 1: Name, date

Slide 2: Problem Recognition Ad

Slide 3: Explanation why it addresses this stage

Slide 4: Information Search Ad

Slide 5: Explanation why it addresses this stage

Slide 6: Evaluation of Alternatives Ad

Slide 7: Explanation why it addresses this stage

Slide 8: Product Choice (Purchase) Ad

Slide 9: Explanation why it addresses this stage

Slide 10: Outcomes (Postpurchase) Ad

Slide 11: Explanation why it addresses this stage

Slide 12: Conclusion

In the conclusion of the slide presentation choose which ad is most effective (overall) and why.

Logistics Run Down:

-No more than 18 slides in length (includes cover page and bibliography)

-Include a cover page and bibliography of sources. Outside sources (esp. learning resources from weeks covered) are encouraged to be cited and used.

-Organize and utilize the headings given above.

-No more than 2 grammatical/spelling errors are allowed (please proof before submitting).

-Text is required to be in Times Roman, 12 pt font, double space the text.

- Keep voice in business third person. Do not include visuals in text analysis, if need to add create an appendix and refer your reader to such.

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