Economic Concepts Worksheet

Topics: Economics, Money, Microeconomics Pages: 3 (1000 words) Published: November 15, 2007
Economic Concepts Worksheet
MBA 501
University of Phoenix Online

Economic Concepts Worksheet
Economic Concepts Worksheet

ConceptApplication of Concept from Personal ExperienceReference to Concept in Reading Microeconomics(McConnell and Brue #1)This is examining specific economic groups or units. One of the elements of microeconomics is positive economics. Positive economics is concerned with "what is." (McConnell, 2004) Our desire is to build a strong and stable business in one part of our area. Some of the factors that need to be investigated are: ·How many employees are needed to sustain the business.·What education and skill is needed from employees.·How technology influences how the business is run. If one can manage these components of the business favorably, then the business can perform healthier.I am able to observe this in the hospital where I work. There has been much growth in our area and therefore there is a greater need for laboratory services in the area. Additional employees are needed to accommodate the additional A laboratory technologist needs to have a bachelor's degree or equivalent certification to work in the lab. Because the need for employees has increased, the lab director needs to monitor the schools that have programs for Medical Technologist. Another option the director needed to look at is the increased technology and new instruments available. Our lab director is also monitoring the new technology that is becoming available and examines to see if different instruments or new instruments and help the current employees become more efficient in their duties. It is interesting to note that the increased business of the laboratory is not always reflected in the decrease of the hospital census. Therefore the macroeconomics of the hospital does not reflect the microeconomics of the laboratory."Positive economics focuses on facts and cause-and-effect relationships. It includes description, theory development,...

References: Money. (2006, November 17). In Wikipedia, The Free Encyclopedia. Retrieved 08:06, November 17, 2006, from
McConnell, C.R., S.L. Brue (2004). Economics: Principles, Problems and Policies, 16e. The McGraw-Hill Companies.
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