Free Market and Ethical Issues

Free Market and Ethical Issues

In this assignment, you will write a research paper about social problems where the free markets are not allowed to function, which includes the market for a particular illegal good or service, a regulated market, etc.

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 unable to solve many social problems, and they make others worse. One such social problem is illegal drugs. Another example is environmental issues such as pollution. For one example of a social problem where supply and demand is not allowed to function freely, conduct basic research on markets for human organs. There are black markets (underground economies) for human organs in some countries. But a trade in human organs, based on supply and demand, raises enormous and troubling ethical issues and shows that free markets are clearly limited in their ability to provide answers to social problems.

Course Outcome practiced and assessed in this assignment:

GB540-1: Evaluate ethical issues in economics.

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 or 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.

GB540 Unit 2 Assignment Rubric
Course: GB540 Economics for Global Decision Makers
Criterion 1
(16%)
Select a
Specific
Social
Problem
Criterion 2
(24%)
Level III Max
Points
20 points
Level II Max
Points
17 points
Level I Max
Points
14 points
Meets all
criteria:
● Identifies a
specific social
problem.
● Explains
the social
problem.
● Explains
why free
markets are
not allowed to
function.
Meets two
criteria:
● Identifies a
specific social
problem.
● Explains
the social
problem.
● Explains
why free
markets are
not allowed to
function.
Meets one
Does not meet
criterion:
any criteria.
● Identifies a
specific social
problem.
● Explains
the social
problem.
● Explains
why free
markets are
not allowed to
function.
Level III Max
Points
30 points
Level II Max
Points
25.5 points
Level I Max
Points
21 points
Not Present
0 points
Not Present
0 points
Criterion Score
/ 20
Criterion Score
Criterion 2
(24%)
Free Markets
and Social
Problems
Criterion 3
(24%)
Level III Max
Points
30 points
Level II Max
Points
25.5 points
Level I Max
Points
21 points
Not Present
0 points
Criterion Score
Meets all
Meets two
Meets one
● Does not
/ 30
criteria:
criteria:
criterion:
● Describes
how free
market
features could
be used to help
alleviate the
social
problem.
● Explains
how to
alleviate the
social problem
through
supply.
● Explains
how to
● Describes
how free
market
features could
be used to help
alleviate the
social
problem.
● Explains
how to
alleviate the
social problem
through
supply.
● Explains
how to
● Describes
how free
market
features could
be used to help
alleviate the
social
problem.
● Explains
how to
alleviate the
social problem
through
supply.
● Explains
how to
meet any
criteria.
alleviate the
social problem
through
demand.
alleviate the
social problem
through
demand.
alleviate the
social problem
through
demand.
Level III Max
Points
30 points
Level II Max
Points
25.5 points
Level I Max
Points
21 points
Not Present
0 points
Criterion Score
Criterion 3
(24%)
Market
Mechanisms
and Ethical
Issues
Criterion 4
(16%)
Level III Max
Points
30 points
Level II Max
Points
25.5 points
Level I Max
Points
21 points
Meets all
criteria:
● Discusses
the risks of
introducing
market
mechanisms
where ethical
issues are
present.
● Provides
the risks on
Meets two
criteria:
● Discusses
the risks of
introducing
market
mechanisms
where ethical
issues are
present.
● Provides
the risks on
Meets one
criterion:
● Discusses
the risks of
introducing
market
mechanisms
where ethical
issues are
present.
● Provides
the risks on
the supply
side.
● Provides
the risks on
the demand
side.
the supply
side.
● Provides
the risks on
the demand
side.
the supply
side.
● Provides
the risks on
the demand
side.
Level III Max
Points
20 points
Level II Max
Points
17 points
Level I Max
Points
14 points
Not Present
0 points
Does not meet
any criteria.
Not Present
0 points
Criterion Score
/ 30
Criterion Score
Criterion 4
(16%)
Roles of
Government
and Ethical
Business
Practices
Criterion 5
(10%)
Level III Max
Points
20 points
Level II Max
Points
17 points
Level I Max
Points
14 points
Not Present
0 points
Criterion Score
Meets all
Meets all
Meets all
Does not meet
/ 20
criteria:
● Explains the
roles of the
government in
maintaining
criteria:
● Explains the
roles of the
government in
maintaining
criteria:
● Explains the
roles of the
government in
maintaining
any criteria.
ethical
business
practices.
● Provides
ethical
business
practices.
● Provides
ethical
business
practices.
● Provides
four rules and
regulations on
only three
rules and
only two rules
and regulations
ethical
business
practices.
regulations on
ethical
business
practices.
on ethical
business
practices.
Level III Max
Points
12.5 points
Level II Max
Points
10.625 points
Level I Max
Points
8.75 points
Not Present
0 points
Criterion Score
Criterion 5
(10%)
APA Style
Criterion 6
(10%)
Level III Max
Points
12.5 points
Level II Max
Points
10.625 points
Level I Max
Points
8.75 points
Not Present
0 points
Criterion Score
Meets all
Meets two
Meets one
Does not meet
/ 12.5
criteria:
● Applies APA
style to in-text
criteria:
● Applies APA
style to in-text
criterion:
● Applies APA
style to in-text
any criteria.
citations with
minor to no
errors
● Applies APA
citations with
minor to no
errors
● Applies APA
citations with
minor to no
errors
● Applies APA
style to
references,
style to
references,
style to
references,
with minor to
no errors
● Resources
are from
with minor to
no errors
● Resources
are from
with minor to
no errors
● Resources
are from
reliable and/or
scholarly
sources
reliable and/or
scholarly
sources
reliable and/or
scholarly
sources
Level III Max
Points
12.5 points
Level II Max
Points
10.625 points
Level I Max
Points
8.75 points
Not Present
0 points
Criterion Score
Criterion 6
(10%)
Writing
Conventions
Level III Max
Points
12.5 points
Level II Max
Points
10.625 points
Level I Max
Points
8.75 points
Not Present
0 points
Criterion Score
Meets all
criteria:
Meets three
criteria:
Meets one to
two criteria:
● Does not
meet any
/ 12.5
● Writing is
focused,
● Writing is
focused,
● Writing is
focused,
criteria.
concise, and
organized
● Articulates
at a college
concise, and
organized
● Articulates
at a college
concise, and
organized
● Articulates
at a college
level
● Few or no
grammar or
punctuation
level
● Few or no
grammar or
punctuation
level
● Few or no
grammar or
punctuation
errors
● Uses non-
errors
● Uses non-
errors
● Uses non-
offensive,
inclusive, and
respectful
language
offensive,
inclusive, and
respectful
language
offensive,
inclusive, and
respectful
language
Total
/ 125
Overall Score
Level III
Level II
Level I
Not Present
106.251 points minimum
87.501 points minimum
0.001 points minimum
0 points minimum