Discussion Questions Week 1 Economics 365

Topics: Supply and demand, Economics, Microeconomics Pages: 3 (909 words) Published: October 22, 2012
Discussion Questions Week One
Economics 365

1. What is economics? What role does economics play in your personal and organizational decisions? Provide an example of the role of economics in decision making. (Ana K Gonzalez) * According to "What Is Economics? A Definition Of Economics" (2012): * Economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods. Economics explains how people interact within markets to get what they want or accomplish certain goals. Since economics is a driving force of human interaction, studying it often reveals why people and governments behave in particular ways. There are two main types of economics: macroeconomics and microeconomics. Microeconomics focuses on the actions of individuals and industries, like the dynamics between buyers and sellers, borrowers and lenders. Macroeconomics, on the other hand, takes a much broader view by analyzing the economic activity of an entire country or the international marketplace (Para. 2 & 3). Economics play an important role in all aspects of life and sometimes people don’t realize that they are using economics day by day. With the use of economics people can understand how to spend time and money. Unemployment, technological progress, interest rates and budget deficits are important issues presented in our daily personal and professional lives. As students, economics can help us to acquire more knowledge about what kind of difficulties business in our region presents, how to solve it, and the difference procedures to follow to succeed as a business holder. 2. What is the difference between a movement along and a shift of the demand curve? What is the effect on the equilibrium price and quantity that results from an increase in demand, supply, and both? Provide examples for each instance. What is the role of supply and demand in decision making? Provide a real-world...
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