WEEK 1 DISCUSSION  

What is the basic economic problem that all persons, businesses, and countries face?  What are the differences in the way a market process vs. a command process attempt to deal with the basic economic problem?  What is the difference between Economic Profits and Accounting Profits? Discuss the importance of taking into account the opportunity costs (implicit costs) in investment decisions. Illustrate your discussion with examples.

Safe Assign Submission:

To submit your original post to SafeAssign, you first need to go to Discussions – SafeAssign Checks link on the left navigation panel or Getting Started> Discussions – SafeAssign Checks (Weeks 1-8). In this link, you have unlimited attempts to upload your original post, return to check your SafeAssign score, fix your post if needed, and resubmit the corrected document by selecting the Start New button.  Once you press Start New, you no longer have access to the previous posts or their SafeAssign scores.  So, save those if you need a record to refer to as you make further corrections.

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WEEK 1 ACTIVE ASSIGNMENT – Due by Sunday 10/30/22

Select an article from the news of the past week that illustrates one or two of the concepts that are discussed in chapters 1 and 2.  In a paper of no more than two pages (double-spaced, one-inch margins, 12-point type) briefly summarize the article and discuss the underlying economic concept(s) of the article.

 textbook:

Managerial Economics, 7th Edition

Keat, Young and ErfleISBN: 9780133020267