Marketing Questions and Answers Term Paper
Term Paper
1. What is the biggest cost of going to college full time? a. The biggest cost of going to college is the income lost if working full time.
b. Now explain why.
The implication of scarcity means that everything we do carries a cost. The cost of doing more of one thing then, is the value that is sacrificed by doing less of something else. In this case the cost of going to school full time is the value of the income that will be lost if the person were to work full time.
2. Doing more with less means fewer jobs and therefore is good/bad? c. Doing more with less has its good and bad aspects depending on how one sees it.
d. It will be argued to be good if it results from advances in technology that makes it possible to produce more with fewer hands, thus creating opportunities for other areas of the economy to expand and develop.
Though doing more with less destroys some jobs, it doesn’t necessarily mean fewer employment opportunities. This is because when technology makes it possible to do a job with fewer workers and resources, those workers and resources displaced can be used to produce other desirable things that would otherwise not have done produced or developed.
3. “Market economies succeed because they let us make the best use of the information necessary for social cooperation. They do so by allowing that information to be communicated from those who have it to those best able to act on it with messages containing the information motivating people to respond appropriately and providing them the means to do so”. Explain the meaning of the 3 M’s and what the quote means.
e. Messages- The message relate to the information needed to ensure harmony in the market place. Information is necessary in the market economy because it communicates to producers what consumers are willing to pay and what is needed where.
f. Motivating – motivation for a higher
1. What is the biggest cost of going to college full time? a. The biggest cost of going to college is the income lost if working full time.
b. Now explain why.
The implication of scarcity means that everything we do carries a cost. The cost of doing more of one thing then, is the value that is sacrificed by doing less of something else. In this case the cost of going to school full time is the value of the income that will be lost if the person were to work full time.
2. Doing more with less means fewer jobs and therefore is good/bad? c. Doing more with less has its good and bad aspects depending on how one sees it.
d. It will be argued to be good if it results from advances in technology that makes it possible to produce more with fewer hands, thus creating opportunities for other areas of the economy to expand and develop.
Though doing more with less destroys some jobs, it doesn’t necessarily mean fewer employment opportunities. This is because when technology makes it possible to do a job with fewer workers and resources, those workers and resources displaced can be used to produce other desirable things that would otherwise not have done produced or developed.
3. “Market economies succeed because they let us make the best use of the information necessary for social cooperation. They do so by allowing that information to be communicated from those who have it to those best able to act on it with messages containing the information motivating people to respond appropriately and providing them the means to do so”. Explain the meaning of the 3 M’s and what the quote means.
e. Messages- The message relate to the information needed to ensure harmony in the market place. Information is necessary in the market economy because it communicates to producers what consumers are willing to pay and what is needed where.
f. Motivating – motivation for a higher