Problem 1. Your roommate is a better cook than you are, but you can clean more quickly than your roommate can. If your roommate did all the cooking and you did all the cleaning, would your chores take you more or less time than if you divided each task evenly? Give similar example of how specialization and trade can make two countries both better off.
Problem 2. Define the equilibrium of a market. Describe the forces that move a market toward its equilibrium.
Problem 3. Explain what is meant by market-oriented mission statement and discuss the characteristics of effective mission statements.
Problem 4. Explain the stages of the consumer buyer decision process and describe how you or your family went through this process to make a recent purchase.
Problem 5. Define positioning and explain how it is accomplished. Describe the positioning for the following brands: Amazon.com, and Coca-Cola.
Reference books:
1. Principles of Economics by N. Gregory Mankiw
2. Principles of Marketing by Kotler & Armstrong