1-2 Discussion: Economics and Business Decisions

Every individual confronts economic issues daily. This is especially true of business owners, who spend their time thinking of economic issues such as how to handle changes in the price of goods, how to allocate their time, and whether to buy or produce goods in order to efficiently allocate their scarce resources. In your initial post, begin by introducing yourself briefly, including your program of study and career interests. Then, address the following as part of your response: Imagine you own your own business and have to make daily decisions about how to allocate available resources such as input of production, time, purchasing decisions, and so forth. What role do you think microeconomics has in running a business? Which of the principles of economics outlined in your reading would you be more likely to apply when making business decisions? Provide at least two to three examples. In your responses to your peers, comment on at least two posts that discuss a different economic principle than the one you chose. Draw connections between the different principles and the role of microeconomics in everyday life. Overview Your active participation in the discussions is essential to your overall success this term. Discussion questions will help you make meaningful connections between the course content and the larger concepts of the course. These discussions give you a chance to express your own thoughts, ask questions, and gain insight from your peers and instructor. Directions For this discussion, you must create one initial post and follow up with at least two response posts. For your initial post, do the following: Write a post of 1 to 2 paragraphs. Complete your initial post by Thursday at 11:59 p.m. Eastern. Consider content from other parts of the course where appropriate. Use proper citation methods for your discipline when referencing scholarly or popular sources. For your response posts, do the following: Reply to at least two classmates outside of your own initial post thread. Complete your two response posts by Sunday at 11:59 p.m. Eastern. Demonstrate more depth and thought than saying things like “I agree” or “You are wrong.” Guidance is provided for you in the discussion prompt. Below is two student discussion post for you to have an idea of how my discussion post need to look like and also for you to write a short response to the students as the instructions indicate. Thank you. 1-Discussion Post Jessica Padilla posted Jul 1, 2024 6:59 PM This page automatically marks posts as read as you scroll.Adjust automatic marking as read setting Hello everyone, my name is Jessica. I work for a telecommunication company as well as I have a small business. I recently opened up a small flower business. I find myself always trying to ensure that I price my services according to the cost of the flowers as well as how long it is going to take me to put the arrangement together. I like to keep my prices affordable but also make some profit. The Principle that I can relate to is number 4, people respond to incentives. I find that when I do a raffle for an arrangements or a giveaway I have more people interested in my page and comment on pictures more, which is an incentive for them as they receive the arrangement at a discounted price or free in some cases. The other principle is three: Rational people think at the margin. I use holidays to my advantage as I am able to get more orders. I never thought that microeconomics would pay a part in my business but as I went through the chapters I realized that it does and helps me have a better understanding of how it all truly works. 2- 1-2 Discussion: Keegan Elizabeth Keegan posted Jul 1, 2024 12:04 PM This page automatically marks posts as read as you scroll.Adjust automatic marking as read setting Hi, everyone! My name is Elizabeth Keegan, I am working towards my Accounting degree, and hope to one day own a farm and a bakery; my plan is to go into a career as an Accountant, where I will start to save towards my future goal. Towards my future bakery, I think microeconomics would play the role of figuring out the decision making process for the inner workings of the bakery and the outside behavior around the business. I would have to figure out the costly demand of the materials that needs to be bought with consideration of monthly rental costs, as well as the popular product with the customers and the pricing of the product based off the market competition. The principle of economics that I feel would apply when making business decisions would be: Principle 1 - People Face Trade-Offs In a business, there are times where you will have to give something up to be able to receive another (whether that be time, product or money). Principle 3 - Rational People Think at the Margin When running a business, you need to take into account the marginal costs and compare them to the marginal benefits to find if certain decisions are worth the investment.