Unemployment, Structural Unemployment, Production, Physical Capital, Labor, Human Capital, Improvements in Technology, Specialization, and Comparative AdvantageGeneral Instructions:Choose one concept from the list above, and write a paper a 350 to 500 word paper (350 words, is the absolute minimum) in which you state a response to the following prompt;You are free to organize and arrange your sentences and paragraphs in any you see fit, but your response MUST at least have the following 5 elements:It must state and define the concept or idea.It must explain how you viewed or understood the concept before this class.It must explain your new way of viewing, or understanding the concept.It must say the reason why your perspective, or understanding changed. In other words, what did you do, see, or hear as a result of this class that helped transform your opinion.It must have information, data or facts, that supports the reason for your change. The information, data or facts can be presented in the form of an example, or as part of an explanation.As you produce your response, you should also consider the following:The implications of the change in perspective. In other words, now that you see this in this way, what are some of the things that will come after? What will you do differently? What follows? Also, analogies and metaphors are a great way to illustrate how one views a concept or an idea.About Your Submission:When submitting your response, DO NOT INCLUDE your name, date, or any other information, just the response to the assignment question. If appropriate, cite references using in-text APA citation style. In-text citations are placed within sentences and paragraphs. Stick to the 500 word maximum, any content written in excess of the 500 word maximum will not count towards the grade. Papers not meeting the minimum requirement of 350 words will receive a ZERO. Type your response on a Microsoft Word file (.doc file), save it, and upload it through D2L. You MUST submit your response to the appropriate assignment folder by the due date. Work turned in using any format other than MS Word (.doc), may not be graded. In addition, work turned in late, via email, in my mailbox or in class WILL receive NO CREDIT. Consideration MAY be given on late assignments for valid documented emergencies.To submit your response, you will need access to internet, and a computer with proper software, if you donâ€™t, you can use any of the “open lab” computers at any BC Learning Resource Center or in public libraries. No consideration will be given for not having access to the hardware, software or any other resource required to access the D2L platform.Your response will be evaluated in accordance to the following Intellectual Standards; Clarity, Accuracy, Precision, Relevance and Logic. For more information review the assignment rubric.Additional Information & Tips from the Instructor:It is important that you recognize, that in this assignment, you are required to think critically, hence the critical thinking tools shared in this course can be very helpful. Try to the identify the Elements of Thought that are part of the logic or reason, for your change in perspective in regards to this concept. If you reviewed our critical thinking tools, you know, that the are 8 Elements of Thought; Purpose, Question at Issue, Information, Concepts, Point of View, Assumptions, Conclusions, and Implications. I am going to lead by example, and state a few of these, as they relate to this assignment.Question at Issue: Can you identify and explain a change in perspective, opinion, or Point of View, you have had regarding one of the concepts in the list above, as a direct result of participating in the respective discussion? Purpose: In this assignment, your objective is to identify and explain a change in perspective, opinion, or Point of View, you have had regarding one of the concepts listed above, as a direct result of participating in the discussion in question.Point of View: You are trying to answer the Question at Issue, from the perspective of a person who participated in this course, which means, that you were asked to read and consume visual content about economics, to answer questions about concepts and issues in economics, to engage in discussions about the content with your classmates and of course with me the instructor. In other words, you experienced this class, from the perspective of a student, which may imply that you are not an expert in these topics, and concepts, and that you are engaging in activities to learn more about them.Note, that in order to answer the Question at Issue, and accomplish the Purpose of this assignment, you need to produce or compose:Conclusions – When you change your perspective or opinion about something, you have reached a conclusion. When you think back at an entire experience that involved, reading, writing, viewing, listening, and answering questions about a multitude of concepts in the world of economics, and you pick one that you have change your mind on, you have reached a conclusion.Information – What evidence (what did you do, see or hear), or facts did you use to reach the conclusion that there is another way of looking or understanding the concept in question? What evidence or facts you encountered allowed you to see this concept in another way? What evidence or facts you encountered allowed you to see the concept in question, as this other thing, that you did not think about before? What evidence or facts you encountered allowed you to see the that concept in question can be used for this “other” thing, that you did not know it could be useful for before. Assumptions – which things did you take for granted, or a as given, before taking this class regarding the concept in question? What are your assumptions now?Implications – Now that you see this concept in a different way, what are some of the things that follow? What will you do different? How will this new perspective change your approach to things? What happens next?Remember, that your response will be evaluated in accordance to the following Intellectual Standards; Clarity, Accuracy, Precision, Relevance and Logic. In other words, your grade will depend, on how clear, accurate, precise, relevant and logical your response is. As you write and draft your response, use the questions below to solicit or achieve each standard.CLARITY: Could you elaborate further on that point? Could you express that point in another way? Could you give me an example?ACCURACY: Is that really true? How could we check that? How could we find out if that is true? PRECISION: Could you give more details? Could you be more specific?RELEVANCE: How is that connected to the question? How does that bear on the issue?LOGIC: Does this really make sense? Does that follow from what you said? How does that follow?