Assignment:
Apply economic concepts to situations at work or in the world is essential for fully understanding and using economic concepts. Think of these concepts (market, elasticity,production, costs, market structure). Take on or two of those concepts and use it to analyze and understand economic situations or decisions that face in your workplace. if you can't apply these concepts to your workplace you may use recent news items. I would like you to:
• Show how the economic concepts provide a framework for understanding the situations or decisions.
Use economic concepts (goals, constraints, decision variables) to frame decision making (i.e. market structure will determine what decisions are available to a firm, such as a firm selling commodities largely has no control over price). This will include understanding what decisions are available (what are the tradeoffs?) and how to use economics concepts to choose among available alternatives to make most informed decision.