PART A

1.a)Define the termderived demand.

Hint:See Chapter 14 of Mateer & Coppock.

b) Discuss a resource used in the production of a product or service produced by your workplaceorin the production of a product or service you use. Please do not discuss oil or gasoline or a resource used in an example in the text. Also, do not discuss the occupation you expect to work in after you obtain your degree from UIU because this is the subject of the Week Six Demand for Labor Report. Include a list of three final products/services that use this resource and a least one possible substitute for the resource. Also, discuss whether the derived demand for this resource is rising or falling.

PART B

2.a)Define the termsnegative externalityandpositive externality.

b) Discuss a real-world example of a either a negative externality or a positive externality that is associated with a good or service you consume and/ora good or service produced by your workplace and/or that affects you as a third party. Who are the first, second, and third parties associated with that externality?

PART C

.a)Define the termprivate good.

b) Discuss a real-world example of a private good that you use and/or is produced by your workplace. Also discuss whether that good is excludable or non-excludeable as well as whether that good is rival or non-rival. Be sure you explain why the good is either excludable or non-excludeable as well as why the good is either rival or non-rival.

PART D

UNIT 6

• Discusseach of the learning outcomes under a separate first-level heading. For example, if a unit has three learning outcomes, then your submission must include at least three first-level headings.
• Discuss how at least one of the Learning Outcomes can be applied to aSPECIFICreal-world situation. Please note: A real-world example refers to an actual person, workplace,event, etc. Also note: If you use the wordsiforsupposein your real-world example, then it is unlikely to be a real-world example.
• Include one properly cited reference (quote or paraphrase) from our course text or a peer-reviewed source. Be sure you include in-text citations with your quote or paraphrase.

For example, you coulddiscuss how the course conceptscan be applied tospecificreal-world situations you encounter at home, at work, or in other real-world situations.

Our Unit 6 Learning Outcomesare to:

1. Use a supply and demand model to determine market equilibrium and the effects of market changes.
2. Identify market conditions where government intervention may be needed to achieve an optimal outcome.
3. Relate supply and demand analysis to government intervention (taxes and subsidies to remedy externalities).
4. Evaluate the effect of private property rights in varying economic organizations.