Module 1 Discussion Post

Economic freedom reflects the liberty managers have to decide endless aspects of everyday business operations. For example, what investments they make, how they allocate resources, what property rights they claim, how they compete, whom they hire and fire, or what forms of operations they engage. In many countries, primarily developed economies, aspects of economic freedom are so taken for granted that they rarely cross managers’ mind. In many others, primarily developing economies, they are so restricted that they serve as topics of ongoing fascination and, often, flashpoints. Entrepreneurs in the USA have the freedom to start a business, operate it as they see fit, and close the business if they aren’t satisfied with its performance. In terms of the different dimensions of the Economic freedom index, which kind of freedom do these entrepreneurs enjoy? A) labor freedom   B) trade freedom   C) monetary freedom   D) fiscal freedom   E) business freedom

I would agree that companies exist in their own right as long as the people who work for them and lead the company as a whole all share the same values and morals as one entity. I say this because then, in a way, a company would be a much larger version of a person. Companies also have the right to make their own decisions on typical business practices and routes they want to take as a whole. Some examples of these would be where they would like to source their materials, where they would like to manufacture their goods, where they would like to build their factories, and who they would like to conduct business with. Companies are some of the most important organizations in the world today because of how much of an impact they have on the world's economy. When you think about different countries, you oftentimes think about the various powerhouse companies that reside in the respective countries. For example, in the United States, you would think of Apple and Microsoft. Both of these…

In terms of spending, once it is recognized that resources are limited, there is the macro decision regarding how much the state should be spending on healthcare in total. Then there is the micro question of where and how this money should be spent, and this issue essentially concerns factor substitution and opportunity cost. A number of trade-offs are relevant here, and some examples are discussed in the following paragraphs. Beds versus equipment. Treatments are much more capital-intensive than they used to be in past decades, owing to improved technology. This has the effect of reducing hospital-stay times, and 60 per cent of patients are now in and out of hospital in less than a day compared with weeks or months previously. This can reduce the need for beds compared with equipment. Drugs versus hospitals. Health authorities may be under pressure to provide expensive drugs, for example beta interferon for the treatment of multiple sclerosis. This forces unpleasant choices. Morgan,…

Hello! Would you be able to professionally assess my answer for accuracy to the following question below? Thank you in advance! Question You won a ticket to a hockey playoff game by having your name drawn from a hat at a charity event. You were excited about going, but on the day of the game, a major snowstorm has hit and conditions are miserable. Would you be more likely to go if you had bought the ticket yourself instead of winning it? Relate your answer to opportunity costs and sunk costs. My Answer: If I bought the hocky playoff ticket myself and decided to stay home and not go to the game due to a major snowstorm and the resulting conditions, the opportunity cost would be watching the hockey playoff game in person. Because the ticket is already purchased, if I would be unable to resale the ticket (it may be quite difficult to resale from home the day of the game, particularly during a major storm), the price of the ticket would be a sunken cost, a past expenditure unable to be…

Which of the following statements is accurate regarding entrepreneurs?           Economic changes can be both good and bad for entrepreneurs.          The only asset a person needs to be a successful entrepreneur is a willingness to take risks.          If a business fails, the government will be responsible for any losses.          Entrepreneurs need to have a college degree to start a business.

I do not fully agree that companies exist entirely in their own right or are unequivocally the most important organizations in the world. While companies are legally distinct entities that can own assets, make decisions and be held accountable, they are still comprised of and directed by individuals. At their core, companies only exist as a means to coordinate economic activity among people.  There are reasonable arguments that companies play a hugely influential economic and social role globally. However, I would hesitate to say they are unambiguously more important than organizations like governments, non-profits or international institutions that are focused on issues like human rights, health, education and environmental protection. Companies operate to generate profit and shareholder value, which does not always align with the broader interests of society. Therefore, other organizations are still needed to regulate markets and address challenges that private industry may not…

Consider your decision to read this textbook on economics. Identify which of the four core principles of economics (the cost benefit principle, the opportunity cost principle, the marginal principle, or the interdependence principle) is most relevant for the following aspects of that decision. Reading this textbook will help establish a solid foundation for understanding concepts you will learn in more advanced economics courses. Reading this textbook will require time and effort, but doing so will help you improve your grade in this course. The time you will spend reading this textbook could instead be used to study for your chemistry exam. Each extra page that you read and each practice problem that you complete will help you increase your understanding of the material.

Explain the knowledge problem faced when attempting to plan an economy. Does this have any relation to optimal firm size?

Imagine that you are considering starting your own business. Please share what you think would be some of the trade-offs involved. Consider the full opportunity cost of running your business. In addition to any inputs you must pay for, might there also be a broader opportunity cost involved in using your own resources, such as time and money, in your new business?

Can you help me with this one please. Thank you In a most recent newspaper, identify three (3) economic issues and classify them as relating to Microeconomics or Macroeconomics.

The challenge of how to achieve the highest possible satisfaction of needs using scarce resources is also called the Economic Problem. True False   Which of the following is NOT a key question that needs to be answered by an economic system? Which products and services should be produced? Who should produce these products? For whom should the products be produced Which resources must be used? How long will manufacturing it take?   America is known as a first world country largely due to the creativity and innovation of business owners. Customers have freedom of choice, when selecting products and services to satisfy their neds. America is therefore an example of a: Free market Economy Command Economy Socialism None of the above.   PLEASE ASSIST

definition of standard economic theory

Adam Smith believed that the ideal capitalist economy is “self-motivating, self-coordinating, and self-regulating.” Give three (3) examples of how, in your view, the U.S. economy departs from Smith’s ideal.  Don’t just state the example.  Support your points of view. (100 words maximum)

Microeconomics Questions  (Showed in Screenshot)

Assignment 2:  Problem Solving When faced with a problem, what do you do to solve it? This assignment asks you to apply a six-step to problem solving process to a specific problem scenario. You will write a paper that presents a synthesis of your ideas about solving the problem using this systematic approach. As Voltaire said, “No problem can withstand the assault of sustained thinking.” Choose one (1) of the problem scenarios as a topic choice for your paper (Note: Your professor must approve your topic choice before you begin work on the assignment.) Scenario 1: You have worked at your company for eleven (11) years. You have returned to college to earn a Bachelor’s degree in order to increase your chances for a promotion. You are nearly finished with your degree, when a supervisor’s position in a competing company becomes available in another state. The start date is in two (2) weeks, during your final exam period for your courses. The position offers…

Classify the following as macroeconomic or Microeconomics and provide a justification for your choice . The effect of government regulations on car emissions A comparative of alternative tax policies and their respective impacts on the rate of the nation's economic growth

In general, managerial economics refers to the integration of economic theory with business: (A) ethics (B) management (C) practice (D)all of the above

Please note that this question has not yet been graded. I keep getting the error message saying that the question cannot be answered due to it being graded and it hasn't. Thank you.

Please note that this question has not yet been graded. Each time I try submitting this question for help I always get feedback that it cannot be answered due to already being graded. It has not yet been graded, thank you.

Defining creativityExplain to the reader what creativity is. Provide a referenced definition. You may want to discuss how this definition is the same as, or different to, some of the many other definitions of creativity.

E01

One of the lessons of economics is that “there is no such thing as a free lunch.” This means that businesses, consumers, and whole societies face trade-offs whenever they make a decision. Please draw on your own experiences to discuss the following three items. Make sure you use economic concepts in your main contribution. Explain a decision that you have made at work, or one concerning your career, or any major life decision that you have made. Identify and explain the trade-offs that you faced. List the alternatives you had, identify the highest valued alternative, and explain your final decision to the class.

Elliot and Jordy find themselves on a deserted island. The only two activities available are fishing and finding pineapples. In a full day, Elliot can catch 6 fish or find 12 pineapples or some linear combination of the two; in the same time, Jordy can catch 4 fish or find 10 pineapples or some linear combination of the two.  What are each individual’s marginal costs of fishing and finding pineapples? (must provide the correct answer for full credit, no additional work is necessary) Who has an absolute advantage in fish production? Who has an absolute advantage in finding pineapples? Briefly explain your reasoning. Who has a comparative advantage in fish production? Who has a comparative advantage in finding pineapples? Briefly explain your reasoning.

We are currently learning about Microeconomics Theory and Applications. We are tasked to explain why markets are better than central planning in organizing economic activity? I only need a maximum of 300 words. Please help me.

Microeconomics is the study of individuals and business decisions, while macroeconomics looks at the decisions of countries and governments. Explore and analyze three (3) ways  how they may be interdependent and complementary to one another

My grandfather has many memories. When he was a child, everyone was singing "Happy Days Are Here Again." His mother had a fur coat; the family had a new car and a nice house. As a teenager, Grandpa tried to get a job, but the local factories were decreasing production. By the time Grandpa graduated, his family could not pay the mortgage on its house and had to move in with friends. There were no jobs for my grandfather or for anyone else. Later, when Grandpa was married, the economy was improving; he found a part-time job. After Mom was born, Grandpa got a good full-time job, and he was able to buy his first car. Time of Life: Phase of Business Cycle: childhood teenager graduate newly married parent a. recovery b. depression c. peak or prosperity d. recession