Week 2 summary ECO/365
Week Two Summary
Eco/365
Week Two Summary
Week Two has been an interesting, yet exciting, week for Learning Team B. The topic of week two was production and cost analysis. Students were required to analyze the relationship between productivity and the cost of production. Week two also had students analyze the effect of changes in the supply of and demand for factors of production on the price of inputs. Through the two discussion questions for week two students were able to take the information they learned through the objectives and provide examples of their understanding of the material with reference to their professional life. The discussions this week included relationships between productivity and the wages earned by employees where they work or at an organization that they have experience with. “Productivity in economics is output per unit of input” (Colander, p. 204).We learned that economist tend to focus on the incentive effect and how more determined a person will work when there is potential for greater earnings, making that person more productive. Incentive, through money, is thought to be a powerful motivator, and companies will take a slight loss in profit to assure production rates stay high.
The second discussion question team members were required to discuss this week included an example in which a technological innovation led to an improvement in productivity. Our team also investigated on what was the effect on the cost of doing business or the activity in which this technology was employed, and how did this affect the prices of related inputs. There were struggles for some members as attempted to fit the learning objectives into their work experiences, as the topics covered fit more those in fields of production and operations. Through discussion, however, came understanding and now Team B is ready to move on to Week Three.
References
Colander, D. C. (2010). Economics (8th ed.). New York, NY: McGraw-Hill.
Eco/365
Week Two Summary
Week Two has been an interesting, yet exciting, week for Learning Team B. The topic of week two was production and cost analysis. Students were required to analyze the relationship between productivity and the cost of production. Week two also had students analyze the effect of changes in the supply of and demand for factors of production on the price of inputs. Through the two discussion questions for week two students were able to take the information they learned through the objectives and provide examples of their understanding of the material with reference to their professional life. The discussions this week included relationships between productivity and the wages earned by employees where they work or at an organization that they have experience with. “Productivity in economics is output per unit of input” (Colander, p. 204).We learned that economist tend to focus on the incentive effect and how more determined a person will work when there is potential for greater earnings, making that person more productive. Incentive, through money, is thought to be a powerful motivator, and companies will take a slight loss in profit to assure production rates stay high.
The second discussion question team members were required to discuss this week included an example in which a technological innovation led to an improvement in productivity. Our team also investigated on what was the effect on the cost of doing business or the activity in which this technology was employed, and how did this affect the prices of related inputs. There were struggles for some members as attempted to fit the learning objectives into their work experiences, as the topics covered fit more those in fields of production and operations. Through discussion, however, came understanding and now Team B is ready to move on to Week Three.
References
Colander, D. C. (2010). Economics (8th ed.). New York, NY: McGraw-Hill.
References: Colander, D. C. (2010). Economics (8th ed.). New York, NY: McGraw-Hill.