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What role does this course unit play?
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Every individual confronts economic issues daily. This is especially true
of business owners, who spend their time thinking of economic issues
such as how to handle changes in the price of goods, how to allocate
their time, and whether to buy or produce goods in order to efficiently
allocate their scarce resources.
In your initial post, begin by introducing yourself briefly, including your
program of study and career interests. Then, address the following as
part of your response:
•
•
Imagine you own your own business and have to make daily
decisions about how to allocate available resources such as input
of production, time, purchasing decisions, and so forth. What role
do you think microeconomics has in running a business? 1
paragraph
Which of the principles of economics outlined in your reading
would you be more likely to apply when making business
decisions? Provide at least two to three examples. 1 paragraph
In your responses to your peers, comment on at least two posts that
discuss a different economic principle than the one you chose. Draw
connections between the different principles and the role of
microeconomics in everyday life.
Here is my intro
Hello everyone, I’m Victoria, and I’m currently residing in Baltimore, MD, with my lively
five-year-old son. Being a mom keeps me on my toes, but I truly wouldn’t have it any other way –
it’s a challenging yet incredibly rewarding experience. For the past two years, I’ve been a student
at SNHU, working towards a degree in Business Administration, with a future concentration in
Health Information Management. In my professional life, I’ve spent over five years working in
Accounts Payables for a healthcare company. My primary role involves coding invoices and
ensuring timely payments to vendors. My desire to learn new skills and gain insight into the
intricacies of healthcare operations drives my educational journey.
Respond to these peers in 1 paragraph each
Peer 1
iana Lamphier posted Jan 10, 2024 1:52 PM
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Hello everyone,
My name is Liana Lamphier I’m 45 years old fixing to be 46 on the 31st.
I’m currently working on my bachelor’s degree in Accounting. I really
want to do payroll Accountant and get my license to work as a life and
health insurance agent. I live in Missouri but hope to move somewhere
else. I also have been suffering from multiple sclerosis which I have had
for 17 years and I am in a wheelchair because of the disorder but
doesn’t keep me down.
Microeconomics teaches how to maximize profits by making decisions
regarding input costs, production methods, and pricing. Make decisions
regarding the following factors: labor, productivity, types of goods and
services offered, supply and demand, economic utility.
One of the principles of economics that would be useful in making
business decisions is principle 2. Example 1: If there was only one pizza
restaurant in a town and then a new pizza place opened, the demand
for pizza from the first restaurant would drop. Example 2: The price of
gasoline often changes with the demand throughout the year. As
people drive more in the summer, gasoline prices tend to rise.
Peer 2
errance Clark posted Jan 9, 2024 10:11 PM
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Hello everyone, my name is Terrance Clark I’m 42 years old and I currently live
in Baltimore, MD. I’m majoring in Business Administration, and my career
interest is business management. Imagining myself as a business owner,
especially in the transportation sector, microeconomics plays a pivotal role in
the day to day decision making process.
After reading our text in chapter 1, I’ve come to understand that
microeconomics, the study of individual economic units such as households,
firms, and markets, is the backbone of running a business efficiently. In the
transportation industry, where resource allocation is key, microeconomic
principles become very important in making informed decisions. I know this
because my parents own a transportation company and I assist them on a daily
basis.
1. Supply and Demand: This principle is crucial. For instance, if the price of
fuel increases, understanding the resilience of demand for transportation
services becomes vital. I’d analyze how sensitive my customers are to price
changes and adjust service fees accordingly to maintain demand without
sacrificing profitability.
2. Cost Benefit Analysis: My understanding from our reading in chapter 2 is
that microeconomics emphasizes marginal analysis, evaluating the incremental
costs and benefits of decisions. In my transportation business, deciding whether
to expand the fleet involves considering the additional revenue from more
services against the increased operational costs, like maintenance and fuel. This
analysis helps optimize the size of the fleet for maximum profitability.
3. Market Structure: Understanding the market structure helps determine
pricing strategies. If I operate in a competitive market, I might focus on product
differentiation or customer service to stand out. In contrast, in a less competitive
environment, setting prices might rely more on understanding customer
willingness to pay.
I’ve learned so far that microeconomics provides a toolkit for analyzing various
aspects of business operations, aiding in informed decision making. From
pricing strategies to resource allocation and understanding customer behavior,
applying microeconomic principles helps in steering my transportation business
toward profitability and sustainability. I look forward to learning in this class
and from each and everyone of my classmates. Thanks!
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