INSTRUCTIONS Step 1: Choose one of the three topics below (a) Social media (e.g. Facebook, Instagram and TikTok) (b) Smart devices (e.g. smartphones and tablets) (c) Recycling Step 2: Use the questions to assist you in developing your essay. 1. Using demand and supply concepts, illustrate how the industry has changed in the past decades. Search for reliable data and evidence to support your demand and supply analysis. Include relevant economic diagrams and charts (if any) in your essay. 2. Determine the factors that change the demand and supply of the product. Support your arguments with reliable data and evidence, including charts and diagrams (if any). 3. Explain how the industry creates market failure or government failure or both. 4. Discuss the externality that the sector can impact society’s wellbeing and welfare. Apply externality theories in the discussion and provide supporting data and evidence. Include relevant economic diagrams in your essay. 5. Do you think that government interventions can correct the externality? Explain your answers with supporting evidence.