22 Jun Top of Form
6008 Assessment 1
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Possibilities: Economic Analysis 1
Overview
In 3–4 pages, graph a set of data and analyze the results. Analyze the concepts of opportunity cost, marginal cost, and marginal benefit in real world situations.
Business leaders must be able to analyze and interpret economic information in order to make sound economic decisions. Businesses require guidelines and solutions with support from relevant data, resources, references, and economic principle
Context
The term, economics comes from the ancient Greek words oikos, which means “house,” and nomos, which means “custom” or “law.” The term means, basically, “household management.” It has taken on a much broader connotation in the last few centuries, however. Today, it means the study of households, consumers, businesses, and even nations. In its broadest sense, economics is the study of how to fill unlimited wants with limited resources.
The two most modern forms of economic activity—the free market and the command economy—each have advantages and disadvantages. Consider how scarce business and household resources are allocated, as well as how consumers decide what to consume, how much to consume now, and how much to consume later.
Questions to Consider
As you prepare to complete this assessment, you may want to think about other related issues to deepen your understanding or broaden your viewpoint. You are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of your professional community. Note that these questions are for your own development and exploration and do not need to be completed or submitted as part of your assessment.
What models do economists use to examine economic behavior and the economy?
What is the purpose of a possibilities curve?
Resources
Suggested Resources
The resources provided here are optional and support the assessment. They provide helpful information about the topics. You may use other resources of your choice to prepare for this assessment; however, you will need to ensure that they are appropriate, credible, and valid. The MBA-FP6008 – Global Economic Environment Library Guide can help direct your research. The Supplemental Resources and Research Resources, both linked from the left navigation menu in your courseroom, provide additional resources to help support you.
Theory and Principles of Economics
The resources below contain a number of economics theories and principles.
What Is Economics?| Transcript.
Economics Terminology| Transcript.
The Environmental Literacy Council. (2015). Marginal costs and benefits. Retrieved from https://enviroliteracy.org/environment-society/economics/marginal-costs-benefits/
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