a. Short-term financial stress vs long-term increased potential productivity
b. Risk of textbook needing replacement anyway and increased time spent using it if it is worn/hard to read/must be treated carefully vs price
1a. Essential work equipment (also company vehicle, so may/may not have increased mobility leading to reduced transport costs and better access to better/cheaper services); also maintenance
b. As above, except it might be more peripheral as people won’t decide whether to use the company based on what kind/condition it is in; also won’t need maintenance
c. Service that will insure against potential losses (if the counsel prevents you doing something illegal) /provide an income stream (if s/he tells you about a tax loophole) / damage control (if someone sues)
d. Rental property that will generate income with management
3- (Micro versus Macro) Determine whether each of the following is primarily a microeconomic or a macroeconomic issue:
a. What price to charge for an automobile: Macroeconomics
b. Measuring the impact of tax policies on total consumer spending in the economy: Macroeconomics
c. A household’s decisions about what to buy: Microeconomics d. A worker’s decision regarding how much to work each week: Microeconomics
4 (Opportunity Cost) You can either spend Spring Break working at home for $80 per day for five days or go to Florida for the week. If you stay home, your expenses will total about $100. If you go to Florida, the airfare, hotel, food and miscellaneous expenses will total about $700. What’s your opportunity cost of going to Florida? (Hint: Answers may vary)
trip to Floirda=$700 expense= -$700
if you stay you make $300 IF you go costs $700+the $300 you would have made if you stay therefore the cost is $300 + $700=$1000
5. a. PPF shifts in because the labor supply is less (assuming the vacations happen outside of the country!) b. PPF shifts out because labor supply increases
6. Inside the PPF – operating below capacity (optimal, or full-employment output) on PPF – at optimal output
outside PPF – above optimal output
on PPF is considered optimal, while inside PPF is considered recessionary and outside PPF is considered inflationary
7. Labor specialization is one of the key features of modern economic systems, enabling factories and other business operations to produce goods on a global scale and to increase productivity.
8. My future plan is to do Marketing for a big record label and own a business of some sort as well. I defiantly think that learning and knowing economics for any sort of future is good to have. Economics helps us gain wealth and trade. Economics determines prices on things and anyone with any goal will be able to relate to this.
Economics is the study of our market system; it’s the study of how people make choices about what they buy, what they produce, and how our market system works. This is important for anyone to know and will always benefit you having a business or working for a business to know the economy and where everything is going.
9. At the moment I think everyone can relate is scarcity in money because of the economy and trying to be a fulltime student with a full time job is very difficult to carry these days but I do.
10. WEB Question. What Can I Do with an Economics Degree?
With an Economics degree you are highly desirable, to companies that deal in finance, banking, data analysis, business, and trending.
a) According to the Occupational Outlook Handbook, Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues. b) According to the CNNfn article the top three types of jobs for economics graduates are 1.Managers, Executives, Administrators 2. Insurance, Securities, Real Estate, Business Services 3. Accountants, Auditors, Other financial specialists