18 Jun WHAT ROLE DOES MICROECONOMICS PLAY IN BUSINESS DECISIONS AS COMPARED TO MACROECONOMICS?
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?
MOD 3 DQ 1
How would you characterize your demand for health insurance — elastic or inelastic? Does the price elasticity of health insurance vary with age, ethnicity, gender, etc.? Does it vary depending on the type of medical procedure needed? If a doctor faces an elastic demand, should he/she raise or reduce the treatment fee to boost his/her revenue?
MOD 3 DQ 2
Explain what the quote, “Too many cooks spoil the pot” has to do with the law of diminishing marginal returns. In the context of a restaurant operation, what are the variable and fixed costs?
MOD 4 DQ 1
Explain how the profit maximization rule applies in each of the four market structures. Using the framework outlined in Table 3 on page 563 of the textbook, determine what market structure your firm (or a firm you have worked for in the past) operates within? Explain your reasoning. How does market structure impact management decision making in the firm?
MOD 4 DQ 2
In “The Social Responsibility of Business Is to Increase its Profits,” what economic idea is the author alluding to by stating that the social responsibility of business is to increase profits? Explain. What does Friedman mean when he equates social responsibility to “taxation without representation?” Friedman states that the principle underlying the market mechanism is “unanimity.” Provide examples of this “unanimity” in the market mechanism.
MOD 5 DQ 1
Define “derived demand” in the context of the circular flow model. Is the demand for all goods and services derived demand?
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