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Discussion Questions Week 1 - Essay Example

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It is crucial in today’s complicated world to have an understanding of how income should be managed to provide food, housing and clothing without overspending. Which…
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Discussion Questions Week 1

Download file to see previous pages... For instance, it might be determined that a 4-year degree at a technical school will provide a $100,000 income while a 2-year degree at a specialty school will only provide a $60,000 income after graduation. A person must determine the steps involved in getting an education and determine which option will be the most valuable long-term. A person making $60,000 will have less financial capabilities than another who earns $100,000, making it harder to contribute to charitable or community organizations. However, the time investment should be considered as part of economics because family members will be affected, as well as the whole of a person’s lifestyle, depending on which decision is made. The biggest question which should be asked is how decision-making will impact the self, the household, the local community and even the broader society as part of economics in daily life.
From an organizational viewpoint, economics determines how specific activities impact other activities in a society. A manufacturing business will determine the cost of raw materials, the labor and investment necessary to produce them, and consider whether customers will want to buy these products. As a single organization, micro-level business activities and various departments work together in the pursuit of generating a final product. Each division or business unit maintains a unique function, however each contributes to the whole of the organization, creating an entire unit of economic activities.
In the business environment, it is a common theme to recognize aspects of sales and marketing, such as knowing your consumer and their basic demographics such as income, social lifestyle and cultural values. From a macro-level perspective, social systems work together with their own unique functions, creating a solid society where each action by each group impacts the other group. This is no different in business as the ...Download file to see next pagesRead More
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