A lesson I had found that was important to my future having to do with "business economics" is learning market structures. As business majors, I think it is valuable to understand the different types, like perfect competition, monopolistic competition, oligopoly and monopolies. An example of one is grocery stores, which serves as perfect competition. The branded items being sold in which are likely similarly sold in other grocery stores. More realistically, take Costco and Sam's Club for instance. Both stores provide similar bulk items as well as similar memberships and offers to their customers, making it a perfect competition market. A lesson I value that can be categorized as "microeconomics applied to society," is the concept of elasticity. This can be applied to everything that is consumed by society, and may be deemed as elastic or inelastic. This is important to understand, especially for me, as I one day want to be able to sell homes. Being able to recognize aspects and materials in homes that are elastic will be very useful. It will be easier to sell a home that clients are more likely going to gravitate towards, and one can be able to see this by knowing the things in the homes that are valued. A global issue that involves one lesson, would be demand and supply. Earlier in the semester, we had experienced an odd egg shortage throughout the US. This caused for the demand for eggs to increase, which really showed, as it was merely impossible at the time to find eggs anywhere. This also created a price increase for the eggs, which really enraged a lot of people, I noticed. It was very interesting time, but also very enjoyable to be able to relate it to one of our lessons and discuss amongst each other as well.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Question

Need help with a disscusion post response. The image attached is the other persons post. I must reply with an option or added information. Must be 150 words.

Here is the orginal instructions to reference... (DO NOT ANSWER, I ONLY NEED TO REPLY TO THE IMAGE ATTACHED)

Identify, describe, and explain two lessons from microeconomics that you find most important to your future.

Try to find one lesson from "business economics," one lesson from "microeconomics applied to society," and one lesson involving global issues.

Describe and explain providing interesting examples! Respond to at least one lesson identified and explained by one or your classmates.

A lesson I had found that was important to my future having to do with "business economics" is learning market structures. As
business majors, I think it is valuable to understand the different types, like perfect competition, monopolistic competition,
oligopoly and monopolies. An example of one is grocery stores, which serves as perfect competition. The branded items being
sold in which are likely similarly sold in other grocery stores. More realistically, take Costco and Sam's Club for instance. Both
stores provide similar bulk items as well as similar memberships and offers to their customers, making it a perfect competition
market. A lesson I value that can be categorized as "microeconomics applied to society," is the concept of elasticity. This can be
applied to everything that is consumed by society, and may be deemed as elastic or inelastic. This is important to understand,
especially for me, as I one day want to be able to sell homes. Being able to recognize aspects and materials in homes that are
elastic will be very useful. It will be easier to sell a home that clients are more likely going to gravitate towards, and one can be
able to see this by knowing the things in the homes that are valued. A global issue that involves one lesson, would be demand and
supply. Earlier in the semester, we had experienced an odd egg shortage throughout the US. This caused for the demand for eggs
to increase, which really showed, as it was merely impossible at the time to find eggs anywhere. This also created a price increase
for the eggs, which really enraged a lot of people, I noticed. It was very interesting time, but also very enjoyable to be able to
relate it to one of our lessons and discuss amongst each other as well.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 5 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions