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This Competency Assessment assesses the following outcome:
GB540M1: Evaluate ethical issues in economics.
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 not allowed to solve some of the social problems in a society due to various reasons. One such social problem is illegal drugs. Another example is environmental issues such as pollutions. For an additional example for a social problem, where supply and demand is not allowed to freely function, conduct basic research on markets for human organs. There are black markets (underground economy) for human organs in some countries. But a trade in human organs, based on supply and demand, raises ethical issues and hence it indicates a limitation of relying on markets to solve the social problems we have in the society.
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 and 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.
Assessment Requirements
- This Assessment should be a Microsoft Word (minimum 5-page) document, in addition to the title and reference pages.
- Respond to the questions in a thorough manner, providing specific examples of concepts, topics, definitions, and other elements asked for in the questions. Your submission should be highly organized, logical, and focused.
- Your submission must be written in Standard English and demonstrate exceptional content, organization, style, and grammar and mechanics.
- Your submission should provide a clearly established and sustained viewpoint and purpose.
- Your writing should be well ordered, logical and unified, as well as original and insightful.
- A separate page at the end of your submission should contain a list of references, in APA format. Use your textbook, the Library, and the internet for research.
- Be sure to cite both in-text and reference list citations where appropriate and reference all sources. Your sources and content should follow proper APA citation style. Review APA formatting and style resources found in the Writing Center accessed through the Academic Success Center within the Academic Tools area.
- Your submission should:
- include a cover sheet;
- be double-spaced;
- be typed in Times New Roman, 12 -point font;
- include correct citations
- be written in Standard English with no spelling or punctuation errors; and
- include correct references at the bottom of the last page.
If work submitted for this competency assessment does not meet the minimum submission requirements, it will be returned without being scored.
