Questions:
1.To refresh on the subject of Economics, what is your understanding of the science of Economics? Distinguish Microeconomics from Macroeconomics? What role does Microeconomics play in your personal and organizational decisions?
2.What is your understanding of marginal analysis and opportunity cost? Please give some examples and explain their relevance to economic reasoning.
Resource:
Colander, D. C. (2013). Microeconomics Chapter 1: Economics and Economic Reasoning,Economics (9th ed.). New York, NY: McGraw-Hill/Irwin
3. What is your understanding of laissez-faire? What are some of the arguments that underly the general laissez-faire precept?
4. Explain the concept of globalization. What are the benefits and costs of globalization?
Resource:
Colander, D. C. (2013). Microeconomics Chapter 2: The Production Possibility Model, Trade, and Globalization, Economics (9th ed.). New York, NY: McGraw-Hill/Irwin
5. Define market economy. Compare and contrast socialism with capitalism.
6. What are the qualities of an entrepreneur? Why is entrepreneurship an important part of business?
Resource:
Colander, D. C. (2013). Microeconomics Chapter 3: Economic Institutions, Economics (9th ed.). New York, NY: McGraw-Hill/Irwin
7. What is the law of Demand? Cite some examples. Distinguish some of the shifts in Demand from movements along the Demand curve?
8. What is the law of Supply? Cite some examples. Sinusitises some of the shifts in Supply from the movements along the Supply curve?
Resource:
Colander, D. C. (2013). Microeconomics Chapter 4: Supply and Demand, Economics (9th ed.). New York, NY: McGraw-Hill/Irwin