Discussion Questions Week 1 Economics 365

Discussion Questions Week One Economics 365 TEAM C- WEEK ONE DISCUSSION QUESTIONS 1. What is economics? What role does economics play in your personal and organizational decisions? Provide an example of the role of economics in decision making. (Ana K Gonzalez) * According to “What Is Economics? A Definition Of Economics” (2012): * Economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods. Economics explains how people interact within markets to get what they want or accomplish certain goals.

Since economics is a driving force of human interaction, studying it often reveals why people and governments behave in particular ways. There are two main types of economics: macroeconomics and microeconomics. Microeconomics focuses on the actions of individuals and industries, like the dynamics between buyers and sellers, borrowers and lenders. Macroeconomics, on the other hand, takes a much broader view by analyzing the economic activity of an entire country or the international marketplace (Para. 2 & 3). Economics play an important role in all aspects of life and sometimes people don’t realize that they are using economics day by day.

With the use of economics people can understand how to spend time and money. Unemployment, technological progress, interest rates and budget deficits are important issues presented in our daily personal and professional lives. As students, economics can help us to acquire more knowledge about what kind of difficulties business in our region presents, how to solve it, and the difference procedures to follow to succeed as a business holder. 2. What is the difference between a movement along and a shift of the demand curve?

What is the effect on the equilibrium price and quantity that results from an increase in demand, supply, and both? Provide examples for each instance. What is the role of supply and demand in decision making? Provide a real-world example. (Sonia Elias) The difference between a movement along and a shift of the demand curve in the movement along is caused by a change in the price of goods or services performed and a shift of the demand curve is caused because a change in any non-price determining on the demand and it can change to both side the right or the left.

The effect in the equilibrium price and quantity that result from the increase in demand is the price goes up because of the demand of the product is more and also the quantity has its effect because with more demand it requires more quantity on the product. A good example is the petroleum now its price is going up because of the demand it is suffer. The role of the supply and demand takes the role of decide how much quantity will require to provide the costumers with their demands on a certain product; it makes the decision of require more quantity of products to supply the costumers. . What is the definition of price elasticity of demand? What is the relationship between price elasticity of demand and total revenue? How does price elasticity of demand affect a firm’s pricing decisions? How does the availability of substitutes affect the price elasticity of demand? Provide an example. (Chuck Crain) By definition, price elasticity simply means the way demand responds to price changes. The relationship between price elasticity and total revenue can be a very successful one or a total nightmare based on whether or not the product has good elasticity.

As long as the product is something the general public either needs or is very high on their want list, then the product has good elasticity and the profits will continue to increase, thus making total revenue much greater. However, if the product is something society can live without, then the product has bad elasticity and total revenue will go down. When a firm decides to make or sell a product, many considerations go into their long term plans, such as will this product stand the test of time and will it be profitable even in tough financial cycles.

As long as the product has good price elasticity and the competition is low, then prices can be adjusted to meet the current market price or to increase revenues. However, if the product has a bad elasticity, then the business will have to decide on whether or not to raise prices, but this decision could cost the company money now and in the future because the customers chose not to pay a higher price. When people want a similar product without the high price, they turn to substitutes.

This can include any generic brands of products that provide close to the same experience for the customer, without the higher price of their original brand. Substitutes greatly affect the elasticity of price, because people can choose to buy another product at a lower price, and basically get the same results from the product. An example would be if a person loves to drink Coke, but can’t afford the price they charge.

The person would turn to a cheap brand such as Sam’s Cola and receive basically the same benefit, without spending the extra money. * Reference Principles of Macroeconomics. (2009). Retrieved from http://ocw. mit. edu/courses/economics/14-02-principles-of-macroeconomics-fall- 2009/ What is Economics? A Definition of Economics. (2012). Retrieved from http://www. whatiseconomics. org/ Why is economics considered social science?. (2012). Retrieved from http://wiki. answers. com/Q/Why_is_economics_considered_social_science

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with MyHomeworkGeeks
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Business Studies
Thank you very much for a good job done and a quick turn around time.
Customer 452615, March 31st, 2021
Business and administrative studies
Excellent job
Customer 452773, March 9th, 2023
Love this writer!!! Great work
Customer 452597, April 5th, 2021
Business and administrative studies
Thank you for your hard work and help
Customer 452773, February 21st, 2023
Business and administrative studies
Excellent job
Customer 452773, March 17th, 2023
Thank you!!! I received my order in record timing.
Customer 452551, February 9th, 2021
Thank youuuu
Customer 452729, May 30th, 2021
Business and administrative studies
Customer 452773, March 3rd, 2023
English 101
IThank you
Customer 452631, April 6th, 2021
Business and administrative studies
looks good thank you
Customer 452773, March 3rd, 2023
Business and administrative studies
excellent job
Customer 452773, March 12th, 2023
Thank you!
Customer 452545, February 6th, 2021
Customer reviews in total
Current satisfaction rate
3 pages
Average paper length
Customers referred by a friend
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat

Sometimes it is hard to do all the work on your own

Let us help you get a good grade on your paper. Get professional help and free up your time for more important courses. Let us handle your;

  • Dissertations and Thesis
  • Essays
  • All Assignments

  • Research papers
  • Terms Papers
  • Online Classes