Research Proposal on "Economics in the Real World"

Research Proposal 4 pages (1077 words) Sources: 1 Style: APA

[EXCERPT] . . . .

Economics in the Real World - "Buy American" and the P.A.C.E.D. Decision-Making Model

Introduction and the Event

The forces of globalization are affecting all features of the every day life. An event occurring now within one state, especially an economically powerful country such as the United States, has international ramifications. This has been most obvious in terms of the recent economic crisis, which emerged within the U.S., but soon affected the European states as well. Continuing this line of thoughts, one can conclude that the measures the American state will implement in resolving the crisis will also generate implications outside the country.

The effects of addressing the economic crisis in the United States are likely to be felt immediately, even more so when the current president is determined to have the American population focus on purchasing only products branded "Made in America." Such a measure was taken in 1929, the year the Great Economic Depression commenced, and its effects were extremely negative. The U.S. imposed trade barriers for importers, but soon so did the other countries, and the U.S. trade balance suffered deeply as they were no longer able to support their export operations. The current administration is eager to once again stimulate the internal industries, but the critics argue that the international effects would be disastrous for both U.S. As well as its trade partners (the Economist, 2009).

2. The Sources

The first source used in the writing of this paper is the Economist, with one of its articles in the Trade Policy section. This article reveals the problem to be discuss

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ed. Then, another source is composed of the Gus a. Stavros Center for Free Enterprise and Economic Education, which offers information on how to use the PACED model of decision making.

3. Key Economic Concepts

The paper will present the problem through various concepts of economics. The most relevant of them include:

international trade balance imports, export entry barriers, protectionism decision making and alternative solutions

4. Analysis with the PACED Decision-Making Model

The PACED decision-making model is a useful tool that allows both managers as well as students to get a better perspective of the problem and analyze it more objectively. The model is composed of five successive steps, each one representing one letter in the acronym:

clearly define the Problem identify the Alternative solutions establish the Criteria / goals

Evaluate the identified alternatives, and make a Decision (the Gus a. Stavros Center for Free Enterprise and Economic Education)

Problem

There are two underlying issues at this point: the economic crisis, and the proposition to stimulate the national industry in the detriment of the foreign manufacturers. The second is generated by the first and it is considered a solution, but in fact, it is a generator of additional problems. Excessive focus on the "Made in America" brand is actually a protectionist measure, which fosters the creation of an enclosed economy. The measure would raise entry barriers for foreign producers, who in turn would no longer purchase from the U.S. Consequently then, the American exports would have to suffer, only to generate more difficulties in resolving the crisis.

Alternative solutions

Stating that the measure proposed does not represent a viable solution is however insufficient to addressing the… READ MORE

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Quoted Instructions for "Economics in the Real World" Assignment:

“

Apply basic economic concepts and principles and the PACED economic decision-making model to a GLOBAL topic or issue in today's world. The source for your topic or issue should be a state, national or international publication (WSJ, Economist, U.S. News and World Report, etc.)

The paper should include the following:

1)Source for your presentation including site link.

2)Use the PACE Decision making model to address the global issue highlighted in your article.

3)Your paper should include the following:

A BRIEFLY introduce and explain event/topic

B Sources of research/information

C Key economic concepts

D Analysis using PACED Decision-making model

E Public policy implications

F "Play the Economist"- forecast a prediction, if appropriate

PACED Decision-making model

1. Problem-state the PROBLEM

2. Alternatives- list the ALTERNATIVES

3. Criteria- establish CRITERIA that are important for the decision

4. Evaluate- EVALUATE each alternative to see how it meets each of the criteria

5. Decide- make a good DECISION!

There are some key terms emailed for Order ID: 99643. Please use them as reference but not limited to them. The paper should be full 4 pages. Margin should be 1" all side, 12 font, Time New Romans. One reference for the article is required and it has to be accessible online. Please use the ***** name: ***** Brebenel for this order if he can manage it or handle it. Thanks

How to Reference "Economics in the Real World" Research Proposal in a Bibliography

“Economics in the Real World.” A1-TermPaper.com, 2009, https://www.a1-termpaper.com/topics/essay/economics-real-world/829275. Accessed 6 Jul 2024.

Economics in the Real World (2009). Retrieved from https://www.a1-termpaper.com/topics/essay/economics-real-world/829275

A1-TermPaper.com. (2009). Economics in the Real World. [online] Available at: https://www.a1-termpaper.com/topics/essay/economics-real-world/829275 [Accessed 6 Jul, 2024].

”Economics in the Real World” 2009. A1-TermPaper.com. https://www.a1-termpaper.com/topics/essay/economics-real-world/829275.

”Economics in the Real World” A1-TermPaper.com, Last modified 2024. https://www.a1-termpaper.com/topics/essay/economics-real-world/829275.

[1] ”Economics in the Real World”, A1-TermPaper.com, 2009. [Online]. Available: https://www.a1-termpaper.com/topics/essay/economics-real-world/829275. [Accessed: 6-Jul-2024].

1. Economics in the Real World [Internet]. A1-TermPaper.com. 2009 [cited 6 July 2024]. Available from: https://www.a1-termpaper.com/topics/essay/economics-real-world/829275

1. Economics in the Real World. A1-TermPaper.com. https://www.a1-termpaper.com/topics/essay/economics-real-world/829275. Published 2009. Accessed July 6, 2024.

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