LMBA605: Fundamentals of Economics: Home

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• Describe the product of this industry.
• How is your industry classified/NAIC and SICs?
• How did your industry develop—what’s its key history?
• Name some typical, example firms in this industry.
• Investigate any interference with the market from government regulation or monitoring.
• How big is your industry in terms of revenue and quantity of products sold?
• Who buys it and how—through which channel or channels is your product sold? Retail/wholesale/online/etc.
• Assess the impact of technology on how your product made and the process.

• Discover the quantity and price of goods sold in your industry's market.  
• How much is sold at what price this year and for the last few years?  
• What is the product's elasticity? 

You'll use these values to assess how responsive demand in your industry is to price and interpret what that means.

• Assess the competitiveness of the industry.
• Look at the size and importance of the various firms in the industry and determine how they interact. Are they cooperative or competitive with one another?
• Collect information on the size of the most important firms in the industry and the size of the entire industry itself. This means collecting the names of and sales of those firms.

• What type of good is sold in your industry?
• Is it a public good, a private/normal good, a common resource, or an artificially scarce good?
• What does that mean for your industry?
• Is your product a normal, luxury, or inferior product?
• Are there any externalities that your industry creates that it might not pay for? Does it, for instance, pollute?
• Should there be any government intervention in your market?
• How much of a factor are aggregate economic policies and circumstances in your business?
• How would your industry be impacted by an international tariff on its sales?