Economic Decisions Paper

Imagine that you have decided to open a small ice cream stand on campus called "Ice-Campusades." You are very excited because you love ice cream (delicious!) and this is a fun way for you to apply your business and economics skills! Here is the first month's scenario--you order the same number (and the same variety) of ice creams each day from the ice cream suppliers, and your ice creams are always marked at $1.50 each. However, you notice that there are days when ice creams remain unsold but other days when there are not enough ice creams for the number of customers.

With the recent developments in the economy there could have not been a better time to

In October of this year, the Bureau of Economic Analysis reports the Real Gross Domestic Product which is the United States production of goods and services

* Rational consumers will use all available information as they act to achieve their goals

The third principle of individual economic decision-making relates to marginal decision-making. Rational people will think at the marginal level, making small changes or tweaks in their plans to achieve the desired objective. Rational people normally have a certain system or method he/she uses to achieve their objective and they understand that sometimes small changes must be made to accomplish this.

While college students spend tens of thousands of dollars on tuition each semester, skipping class has become a tradition as popular as the singing of “The Victors” after a Michigan touchdown. If learning in college is supposed to be as important as beer pong, why don’t students attend class? In order to examine whether students should attend their Econ 101 lecture, one should consider the Four Core Principles of Economics: cost benefit principle, opportunity cost principle, marginal principle, and interdependence principle.

When I was a child, I had a need for perfection in my academic pursuits - I focused on getting every question on my tests right. My father would shake his head disapprovingly at this strategy. He told me, “education is not only what you learn, but also how you will put what you learned into use.” At the time, I couldn’t understand what he meant, but as I grew older, realizing that it’s impossible to memorize every detail I read, I understood the importance of making my knowledge practical.

Economic systems are organized way in which a state or nation allocates its resources and apportions goods and services in the national community. An economic system is slackly defined as country’s plan for its services, goods produced, and the exact way in which its economic plan is carried out. There are three types of economic systems exist, they are command economy, market economy, and mixed economy. Command economy is also sometimes called planned economy. The expectations of this type of economy is that all major decisions that related to the construction or production, distribution, commodity and service prices are all made by the government. However, in market economy, national and state governments play a

Economists have often modelled human decision makers as completely rational. According to this model, rational people know their own preferences, gather and accurately process all relevant information, and then make rational choices that advance their own interests. However, Herbert Simon won a Nobel Prize in economics by pointing out that people are rational, but only boundedly so in that they seldom gather all available information, they often do not accurately process the information

Financial management is a work plan that details the revenue and expenses of a company. Financial decisions are strategies that achieve the financial objectives of a company that include capital budgeting, capital structure, and working capital management. Modigliani and Miller (1958) received the Nobel Prize in economics for their study of the relationship between capital structure and corporate value, with and without corporate tax. Whether financial management decisions influence firm value is still debated daily because there are plenty of uncertain factors. In this paper, I intend

Economic systems deal with beliefs & activities that administer products or services for consumers of a population. There are three unequivocal economic systems capitalist, socialism and mixed economy (Cullen, Parboteeach, 2014, p.92).

The economy is a very delicate machine, it takes multiple factors to work properly, however some work better than others. Economic policy is government interaction with the economy based upon enacting policies that regulate interest rates, taxes and government budgeting. With this, government's hope to control and regulate the economy and make it work to the best of their country. To prove that it is successful, the strength of the economy would need to be put into question. If the economy is increasing with a particular policy, then the outcome is positive, Supply-side economics is the most effective as it made America have the longest economic growth in the history of the United State compared to demand-side and fiscal economic policies.

The current economy has hurt many retail businesses. Every month another retail giant closes its doors. Retail stores which we never would have imagined have gone bankrupt. Retail sales have declined greatly. Major cause of this declination is because many people are unemployed and cannot afford to purchase anything. Retailers are forced to discount prices to increase sales, but discounting still hurts margins. Retailers are assuming a very

In the United States, minimum wage has remained at a low number for several years. Minimum wage is defined as the lowest possible income that an employer can legally pay an employee. This ensures that all people are fairly paid and not defrauded by companies or businesses. Minimum wage is considered a price floor and the minimum wage laws determine the lowest price possible that any employer must pay for labor. In an economic model, the quantity of supplied is greater than the quantity demanded and the minimum wage is above equilibrium price and quantity. Minimum wage prevents labor supplied and labor demanded from moving

Opportunity cost refers to what you must give up when it comes to decision making when it comes to choice, or it relates to the value of the next best opportunity. Opportunity cost is the implication of scarcity in the economy. It entails where people have to choose between different alternatives when determining on how they shall spend their money and their time. The Nobel Price Economist winner Milton Friedman suggested that there is no free lunch for people who are fond of saying that instead, it means that in the world of scarcity everything has an opportunity cost. There is always an exchange involved in any decision you may wish to make (Greenberg, & Spiller, 2016). The profit a company may seem to obtain from the capital, equipment