Pick an economic topic from the chapter (or chapters) for this week and write a

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Pick an economic topic from the chapter (or chapters) for this week and write a 250-word summary of that topic. Discuss what you consider to be the most important aspects of the topic using correct economic logic and correct economic terminology in your own words. Do not quote anything in your summary.
If you do not use your own words and you are discovered to be copying and pasting material from some outside source (including the textbook or some other student’s post) as your own words, you will be given a “0” for the assignment.
The economic concept/topic you are writing about MUST have a heading clearly set apart from your summary. Failure to follow the format will cost you some points.
Your summary must be a minimum of 250 words.
If you do not meet the 250-word minimum word count you will lose 20 points.
If your economic reasoning and/or use of economic terminology is incorrect, you will lose 20 points.
If your entry is filled with misspellings and other grammatical errors, you will lose 20 points.
If you quote any material (regardless of whether or not you have quotes around the material), you will lose 20 points.
Topics are:
Technology in economic
Costs
Total cost
Variable cost
Fixed cost
Implicit costs and explicit costs
Production function
Relationship between production and costs
Relationship between short-run production and short-run cost
Perfect Competitive markets
Maximize profit in a perfectly competitive market
Deciding whether to produce or to shut down in the short run
Perfect competition leads to economic efficiency
Allocative efficiency
Monopolistic competition
Consumers benefit from monopolistic competition
How marketing differentiates products
Brand management
A franchise
Advertising
Defending a brand name
Oligopoly
Competition from existing firms
The threat from potential entrants
Competition from substitute goods or services
The bargaining power of buyers
The bargaining power of suppliers

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