The writer is very fast, professional and responded to the review request fast also. Thank you.
Competency 1 – Applies economic theory to address decision-making in households and business firms.
1.1 The Economic Way of Thinking
In this section, you learned that scarcity is an integral part of the human experience. Our wants are unlimited, but our capability to produce and consume are limited. Therefore, we must learn to make the best choices with the resources we have. In this section, you were introduced to the economic way of thinking, the model-building process used by economists, and the pitfalls to economic reasoning.
1.2 Market Demand & Supply
In this portion of the course, you learned about demand and supply analysis. Demand and supply analysis is fundamental to an understanding of how a capitalist or market-oriented economy works. You also learned how to analyze demand and supply and how they influence quantities and prices.
1.3 Price Elasticity & Consumer Choice Theory
In this section, you learned about buying goods and services when they meet our needs and desires. The rational consumer tries to maximize their satisfaction while trying to stay within their budgetary constraints. The price elasticity of demand measures consumer responsiveness to changes in price. Consumer choice theory explains why the law of demand works. In this section, you saw how changes in consumer income and the price of related goods affect the quantity demanded.
Competency 1 Demonstration of Mastery
Artifact: Forecasting Total Market Demand – Part 1
After reviewing the essential concepts, readings, and cases for 1.1, 1.2, and 1.3 complete the following steps.
Scenario: You are starting a business and you have asked your bank to give you loan. The banker wants you to provide a demand forecast for the industry you are operating in. Follow the steps below to prepare for your next meeting with the banker.
Steps:
Show more
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more