MICROECONOMICS
DISCUSSION POST RUBRICS PEERS
PLEASE CREATE A RESPONSE FOR EACH PEER (3 SUSTANCIAL PARAGRAPH EACH AND ADD
REFERENCES).
Every individual confronts economic issues daily. This is especially true
of business owners, who spend their time thinking of economic issues
such as how to handle changes in the price of goods, how to allocate
their time, and whether to buy or produce goods in order to efficiently
allocate their scarce resources.
In your initial post, begin by introducing yourself briefly, including your
program of study and career interests. Then, address the following as
part of your response:
•
•
Imagine you own your own business and have to make daily
decisions about how to allocate available resources such as input
of production, time, purchasing decisions, and so forth. What role
do you think microeconomics has in running a business?
Which of the principles of economics outlined in your reading
would you be more likely to apply when making business
decisions? Provide at least two to three examples.
In your responses to your peers, comment on at least two posts that
discuss a different economic principle than the one you chose. Draw
connections between the different principles and the role of
microeconomics in everyday life
PEER 1
Scott Miller
Hello all,
My name is Scott and I am from Tucson, Arizona. I current work in the
medical field for Hospice and my program of study is Accounting and
Personal Finance. I’m interested in financial planning and am looking to
make a living as a personal financial planner. What that looks like for
me in terms of future employment, is unknown but in progress.
Microeconomics is vital in running a business as it is the study of smallscale economics. As you make decisions regarding your business and
those directly involved with it you are constantly weighing opportunity
costs, considering efficiencies, and evaluating marginal change, all of
which are key concepts in microeconomics.
While all principals of economics are impactful when making a business
decision some are more relevant than others at a given time. Firstly,
Principal 2, Opportunity Cost is to be considered as every choice you
make comes at the cost of something else because of scarcity. As a
businessman you can purchase more needed supplies, but doing so will
mean that your coffers are low, exposing you and making your
business vulnerable to financial burdens. Second, Principal 9, inflation is
always at the forefront of your mind. Just as it is necessary to maintain
prices to maximize efficiency and keep a competitive edge, monitoring
inflation is necessary to maintain pricing. While prices may not change
daily keeping up with inflation quarterly could be the difference
between being profitable and not. If the value of your currency falls,
prices will inflate to maintain stability and if unmonitored you could
miss out of much profit and possibly, over time, face bankruptcy.
PEER 2
Laurice
My name is Laurice Lawson. My major is Information Technology, and my career interest is
Quality Assurance Analyst. Microeconomics play an important role in a business due to it
help businesses understand why consumers choose to spend their money and what they spend
it on. The principles I would apply are number one-People Face Trade offs- ex. Russia is a
war with Ukraine right now and it will affect our trade of oil and gas prices will go up.
Another one is number five-Trade can make everyone better off- ex. When we trade with
foreign countries, our states prosper and make profits off goods imported in. Efficiency and
Equality play a major part in the economy. Good luck to everyone in this class and your
degrees.
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