Hello, Please assist with the below discussion post. ________________________________________________________ Discussion post must be 2-3 Paragraphs, 2 sources in APA format.
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, 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.
10 Principles of Economics
People Face Trade-Offs
The Cost of Something Is What You Give Up to Get It
Rational People Think at the Margin
People Respond to Incentives
Trade Can Make Everyone Better Off
Markets Are Usually a Good Way to Organize Economic Activity
Governments Can Sometimes Improve Market Outcomes
A Countrys Standard of Living Depends on Its Ability to Produce Goods and Services
Prices Rise When the Government Prints Too Much Money
Society Faces a Short-Run Trade-Off between Inflation and Unemployment
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Paragraphs, 2 sources in appeared first on .
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