ECON325 Portfolio Project 2
ECON325 Portfolio Project 2
ECON325 – Microeconomics
Portfolio Project Directions and Rubric
This Portfolio Project is worth 20% of your grade
Completing this Assessment will help you to meet the following:
Course Outcome
Explain the concepts of supply, demand and price
Institutional Outcome
Quantitative and Scientific Reasoning – Follow established methods of inquiry and mathematical reasoning to form conclusions and make decisions.
Deadline
Deliverable items for the Portfolio Project will be required at different points during the course. Details for each submission are included below in the Deliverable Descriptions.
Scenario
The concept of supply and demand is the heartbeat of economics. Much of what is studied in the field of economics ties directly to supply and demand. For this project, you are a Product Development Manager for a company called Launch Inc. You have been asked by your senior leadership to find a new product that the company can sucessfully market and launch, and propose it to the company’s marketing team. In order to prepare, senior leadership has asked you to carefully review the supply and demand chain of the market place in which your product selection resides, research and gather the necessary data, and bring it all together to create a product plan that carefully reviews the supply and demand chain as well as the price structure.
Directions
Throughout this course, we will discuss the areas of microeconomics. In completing this Portfolio Project, you will learn the importance of each element of microeconomics and practice all facets to meet the Course Outcome. You will:
a.) Develop an understanding of supply chain
b.) Develop an understanding of demand
c.) Understand the measurement of cost
d.) Understand product labor markets
e.) Understand how customer behavior impacts economics
By completing this Portfolio Project, you will gain a better understanding of the current market in which your product resides. You will then outline how you will conduct your market research using the six points listed in the template by responding to each of the weekly prompts, building your product plan as you move through the course. Carefully research all aspects of this project to ensure credibility and build a strong plan. Your diligent research will help you make decisions about your project. As a reminder, this Portfolio Project will be placed in your ePortfolio, thus allowing the opportunity for you to present your knowledge on microeconomics to future employers.
Deliverable Descriptions
Week 2: Product and Market Research
Due by the end of Week 2 at 11:59 pm, ET.
Open and save the provided Microsoft Word Template. For Week 2, you must complete the “Wk 2 – Product and Market Research” section. See the template for specific directions and the rubric.
Week 3: Pricing
Due by the end of Week 3 at 11:59 pm, ET: Submit the MS Word template
Open the provided Microsoft Word Template. For Week 3, you must complete the “Wk 3 – Pricing” section. See the template for specific directions and the rubric.
Week 4: Explicit/Implicit Costs
Due by the end of Week 4 at 11:59 pm, ET: Submit the MS Word template
Complete the “Wk 4 – Explicit/Implicit Costs” section of the template. See the template for specific directions and the rubric.
Week 5: Economic Profits
Due by the end of Week 5 at 11:59 pm, ET: Submit the MS Word template
Complete the “Wk 5 – Economic Profits and Market Equilibrium” section of the template. See the template for specific directions and the rubric.
Week 6: Overall Assessment
Due by the end of Week 6 at 11:59 pm, ET: Submit the MS Word template
Complete the “Wk 6 – Overall Assessment” section of the template. See the template for specific directions and the rubric.
Week 7: Final Submission ePortfolio
Due by the end of Week 7 at 11:59 pm, ET.
This week is the final submission of your Portfolio Project. Incorporate instructor feedback, make any additional corrections, and submit to your ePortfolio.
Upload your Portfolio Project to the Program Outcome in your ePortfolio listed below. Use the following naming convention: ECON225 – Portfolio Project:
Quantitative and Scientific Reasoning – Follow established methods of inquiry and mathematical reasoning to form conclusions and make decisions.
For directions on how to upload your project to your ePortfolio, please see Student Resources in Blackboard on the navigation pane.
Week 7.5: Portfolio Project Reflection Discussion
Due by the end of Week 7.5 at 11:59 pm, ET.
For the final piece of your Portfolio Project, using the discussion forum, you will reflect upon the course and project and how they directly relate to the workplace. For this reflection:
In your own words, reflect on how this Portfolio Project meets the Institutional Outcome as stated on the first page.
Explain what the most valuable takeaway is from this course. How will you apply it to your life and /or career?
ECON325 Portfolio Project Grading Rubric
Criteria
Exceeds Expectations
Meets Expectations
Needs Improvement
Product & Market Research
20 points
18-20 Points
Fully described and justified product and market research. Thoroughly supported the plan for the six defined segments. No mechanical errors.
14-17 Points
Described product and market research. Mentioned the plan for 4-5 defined segments. 3-5 mechanical errors.
0-13 Points
Selected product and/or mentioned market research. Mentioned the plan for 0-3 defined segments. 5+ mechanical errors.
Pricing
20 points
18-20 Points
Fully described and justified product pricing. Presented strong price comparison and supply and demand affect. Research used as required. No mechanical errors.
14-17 Points
Described product pricing. Discussed price comparison and/or supply and demand affect. No research used as required. 3-5 mechanical errors.
0-13 Points
Product price given, but no description or justification. Price comparison and/or supply and demand affect missing. No research used as required. 5+ mechanical errors.
Explicit/Implicit Costs
20 points
18-20 Points
Fully identified and defined both explicit and implicit costs. Hurdles identified and correct mitigation opportunities provided. Research used as required. No mechanical errors.
14-17 Points
Identified and defined either explicit or implicit costs. Hurdles identified but no mitigation opportunities provided. No research used as required. 3-5 mechanical errors.
0-13 Points
Either explicit or implicit costs given, but no description or justification. No hurdles or mitigation opportunities provided. No research used as required. 5+ mechanical errors.
Economic Profits
20 points
18-20 Points
Fully and correctly calculated expected economic profit. Strong, fact-based explanation provided for senior leadership team. No mechanical errors.
14-17 Points
Expected economic profit calculated but did not fully integrate all aspects required. Explanation provided for senior leadership team but needs work. 3-5 mechanical errors.
0-13 Points
Economic profit not calculated correctly and/or explanation not provided. 5+ mechanical errors.
Reflection Discussion
20 points
18-20 Points
The reflection addresses more than the minimum number of required elements. He or she provides a deep, thoughtful reflection on the role the project will play in the student’s current or future career. Additionally, the student provides insightful discussion related to the achievement of Program and/or Institutional Outcomes.
14-17 Points
The reflection addresses the minimum number of required elements. The student reflects on the role the project will play in his or her future career. The student addresses Program and/or Institutional Outcomes.
0-13 Points
The reflection does not address all the required elements. The student does not make clear connections between the project and his or her future workplace. The student does not address Program and/or Institutional Outcomes.
Instructor Comments
Total Points
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