Application of Learning Objectives Week 6

Topics: Economics, Decision making, Management Pages: 4 (1176 words) Published: December 4, 2013

Application of Learning Objectives Week 6
ECO/561
July 7 2013

Richard Kulberg’s Discussion
With their only being one objective this week I can say that I felt fairly comfortable with the objective, apply economic concepts in making business decisions. “Almost everyone in society engages in economic decision making at some point, from the billionaire investing in real estate, to the small business owner signing a contract with a supplier, to the teenager buying a video game or applying for a job; and these basic factors almost always come into play” (Chron.com, 2013). As the quote says economic decisions are a part of everyday life. For business owners they need to know what type of market they are operating in how elastic their good is, and what is going to be the best method to cutting costs. These are all important economic aspects that we as professionals need to take into consideration when making business decisions. Understanding and knowing what your business is going through, what the competitors are going through and what type of market you are competing in will help business’s make smarter decisions to increase revenue and keeps their business moving forward. Paul James Martinez’s Discussion:

This week is about applying Economic concepts to business decisions every business needs to pay attention to the economic climate and the way consumers are spending or not spending depending on the service or goods a business is providing it needs to make sound economic choices especially with its’ inventory and surplus. Nothing says poor planning than not having the pulse of the economy and losing money. Investments for a business is an important decision but without smart economic concepts that investment may cost your business a lot of money and not to mention consumers. Many concepts to consider would be for example production, opportunity costs, substitution, labor costs, technology, and health benefits. I truly did not have any struggles...
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