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Case-1 Thinking like an economist: The basic vocabulary of the field - Essay Example

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The company is ranked second on the Top 10 list of franchises for 2012. It is a restaurant franchise of America. The organization primarily sells submarine sandwiches and salads. Doctor Associates owns and operates the company. The…
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Case-1 Thinking like an economist: The basic vocabulary of the field
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Case-1 Thinking like an economist: The basic vocabulary of the field

Download file to see previous pages... Food, Clothing and shelter constitute the basic needs while luxury items constitute the Wants. Education, Health Care, Defense constitute the third that is services category. The chosen company operates in the basic needs category. It has many restaurants globally.
The topics which should come under the second question are size as well as the organization of facilities, the resources that is required by the company and the amount of time and effort required. In course of time, Subway has emerged as one of the leading restaurant brand worldwide. As subway operates in basic needs category it must have studied the market carefully before launching the brand. It should have drawn the action plan first and the future prospects of the brand if it can operate at potential level. The resources required are obviously the license from the country where it is willing to operate, how to finance the expansion plan and efficient employees to keep the company on the right track.
The costs associated with starting a restaurant business are rent or operating costs, location improvement costs, expenses for miscellaneous expenses and costs for advertising and marketing. The costs under operating costs include security deposit, rent for the first month and costs for internet and phone services. The costs associated with building up furniture and other utensils as well as costs associated with initial supply of food and beverages constitute the second type of cost. Insurance, costs relating to permits and licenses, variable accounting costs and ordering and payment technology costs constitutes the second type of costs. He costs associated with public relations services and costs on business cards, fliers and coupons as well as menus constitute the third type of costs.
In order to pursue an action, the cost of the available alternative that was not taken into account is called ...Download file to see next pagesRead More
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