Apply economic concepts to situations at work or in the world is essential for fully
understanding and using economic concepts. Think of these concepts (market, elasticity,
production, costs, market structure). Take on or two of those concepts and use it to
analyze and understand economic situations or decisions that face in your workplace. if
you can’t apply these concepts to your workplace you may use recent news items. I
would like you to:
Show how the economic concepts provide a framework for understanding the
situations or decisions.
Use economic concepts (goals, constraints, decision variables) to frame decision
making (i.e. market structure will determine what decisions are available to a
firm, such as a firm selling commodities largely has no control over price). This
will include understanding what decisions are available (what are the tradeoffs?)
and how to use economics concepts to choose among available alternatives to
make most informed decision.
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