| Syllabus School of Business ECO/365 Version 4 Principles of Microeconomics | Copyright © 2011‚ 2008‚ 2007‚ 2006 by University of Phoenix. All rights reserved. Course Description This course provides students with the basic theories‚ concepts‚ terminology‚ and uses of microeconomics. Students learn practical applications for microeconomics in their personal and professional lives through assimilation of fundamental concepts and analysis of actual economic events. Policies Faculty
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Macroeconomics differs from microeconomics in that A. macroeconomics is the study of individual markets‚ while microeconomics deals with the nation’s economy as a whole. B. microeconomics is the study of individual markets‚ while macroeconomics deals with the nation’s economy as a whole. C. macroeconomics focuses principally on social and political issues‚ while microeconomics involves the study of a nation’s monetary system. D. microeconomics focuses principally
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After reading Paul Martiz interview‚ I was fascinated by his ideas on team process and product. Reading his interviews gave me great insights of how team forms and work. In addition‚ he also made great points that was most meaningful to me‚ which is leadership lessons. I know that no matter where I work in the future‚ I will have to take on leadership roles. Things Paul Martiz pointed out will really help me to do by best whenever I am given leadership roles in the future. Paul Martiz stated that
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Q1. What is an opportunity cost? How does the idea relate to the definition of economics? Which of the following decisions would entail the greater opportunity cost: Allocating a square block in the heart of New York City for a surface parking lot or allocating a square block at the edge of a typical suburb for such a lot? Explain. LO1 A1. Opportunity cost is the value of the next best thing forgone‚ this is always present whenever a choice is made. Economics is the social science that examines
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16% 3 Introduction • Macroeconomics versus Microeconomics • Tentative Nature of Economic Knowledge • The Assumption of “Economic Man” 4 What is Economics? • Studies inflation‚ unemployment‚ business cycle‚ economic growth‚ income inequality • Studies how a consumer’s decisions‚ a firm’s decisions‚ and a laborer’s decisions‚ etc. • Economics is the studies of how economy functions — macroeconomics versus microeconomics • Microeconomics provides foundation for us to understand macroeconomics
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willingness to delay gratification)‚ by the consumer’s attitude toward risk‚ and by whether the consumer wishes to leave a bequest (see legacy). The characteristics of consumption functions are important for many questions in both macroeconomics and microeconomics. IMAGES In macroeconomic models the consumption function tracks total aggregate consumption expenditures; for simplicity it is assumed to depend on a basic subset of the factors economists believe are important at the household level. Analysis
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3- (Micro versus Macro) Determine whether each of the following is primarily a microeconomic or a macroeconomic issue: a. What price to charge for an automobile: Macroeconomics b. Measuring the impact of tax policies on total consumer spending in the economy: Macroeconomics c. A household’s decisions about what to buy: Microeconomics d. A worker’s decision regarding how much to work each week: Microeconomics CHAPTER 2 4 (Opportunity Cost) You can either spend Spring Break working
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Economic Economics theories can be broken down into a microeconomic theory‚ which focuses on the individuals in a group and the action of supply and demand‚ which drives the economy (Anderson‚ 2013). Scarcity becomes a driving force for consumers to act; for example‚ when a product is scarce‚ the demand becomes greater and product becomes costly affecting the consumer’s ability to obtain the product (Anderson‚ 2013). To relate the microeconomics theory to healthcare and implement Just Culture‚ one
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Microeconomics Article Analysis: Application of Supply and Demand Concepts to Current H1N1 Vaccine Shortages R.Mate According to a recent article‚ the United States faces problems of H1N1 vaccine shortages as the swine flue epidemic spirals out of control. Even though the supply is increasing steadily‚ so is the demand for it. “The first estimates called for 40 million doses by the end of October and 190 million doses by year ’s end” (ACJ). Although production has been delayed several times
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Author Note This paper was prepared for ECN 150‚ Introduction to Microeconomics‚ Module 2 Homework Assignment taught by Nikki Follis. Part I After reading the two articles in Modules 1 and 2 related to Economic Theory (first‚“How Did Economists Get It So Wrong” and second‚ “History of Economics Playground”)‚ reconstruct what happened from 2006 through 2012 as it relates to microeconomic theory. Was there too much focus on the macro climate and not enough on the
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