Decision Making in Economics Discussion Essay Assignment

Decision Making in Economics Discussion Essay Assignment

I’m working on a economics multi-part question and need an explanation and answer to help me learn.

1. In life, we often need to make decisions. What is one way that economists approach decision-making? Why is it that we need to make decisions (why can’t we just have everything we want)?

In your answer, be sure to explain any economics terms used, as well as provide a “real life” example of this decision-making process.

2. Teaghan is a super active child and loves to participate in all kinds of activities. In planning for her activities this semester, she’s interested in soccer, acrobatics, dancing, theater, music, art, track, and archery.

Unfortunately, she’s not able to do everything and must pick only three.

Why might Teaghan not be able to participate in everything? Is there a concept (or concepts) in Economics which best describes Teaghan’s situation? If so, please list this concept(s) and describe completely.

Economics Questionnaire

I’m working on a economics question and need guidance to help me learn.

1. Describe two activities inside your organization, or one inside and one outside your organization, that exhibit economies (or diseconomies) of scope. Describe the source of the scope economies. How could your organization exploit the scope economy or diseconomy? Compute the profit consequences of the advice.
2. Describe a pricing decision your company has made. Was it optimal? If not, why not? How would you adjust price? Compute the profit consequences of the change.
3. What distinct and special role does the division of labor play in a capitalist system? Respond briefly on basis of the Braverman Reading
4. On the basis of the Moody reading briefly discuss the possible source of vulnerability and limits to lean production systems

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