04 Jun Question MODULE 1 Understanding economics is an important
Question
MODULE 1
Understanding economics is an important part of the decision-making process in operating a business. What role does microeconomics play in business decisions as compared to macroeconomics? Provide at least one real-life example each to demonstrate how microeconomics and macroeconomics may impact the decision-making process of a business.
DQ 2
Explain how the market operates as an allocation system for determining who gets goods and services and who does not. Compare the market system with other possible allocation systems such as a central decision maker; first-come, first-serve; or a lottery system. What are the strengths and weaknesses inherent in the market?
MOD 2 DQ 1
The Circular Flow Model provides a snapshot of our economy. Describe how households and businesses slowed down the circular flows of money, goods, and services during the recent economic slump.
DQ 2
What are the characteristics that differentiate between private and public goods? How does the absence of mutual exclusion result in a free rider problem? What is the role of government in preventing market failures that result from too few resources being devoted to production goods and services that are essential to the public?
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