Analyzing Competitive Market Conditions and Formulating Strategies

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Analyzing Competitive Market Conditions and Formulating Strategies

ECO/365

Reflection on Fundamentals of Microeconomics

The study of macroeconomics and microeconomics provides the fundamental tools to assists business owners and finance managers in the decision making process. These tools also assist us in understanding how organizations and the economy operate as a whole. Many factors affect supply and demand. Price is the main factor that affects the supply and demand levels, this change can be reflected by a movement along the supply or demand curve. Factors that are not related to price, will shift the entire supply or demand curves. Before a firm decides to make changes in the price of their goods, it must determine the price elasticity of demand for that good. In this reflection paper, each team member will evaluate and discuss important economic concepts covered during week one. Discussions will also include any topics that members are having difficulty understanding. The portion I am having difficulty understanding is the production possibilities curve. I understand that in order to produce more of one item, you must give up some level of the production of another item. My problem is that I am not able to interpret all of the points in the production possibilities curve graph. (Maritza) Macroeconomics is the study of economies based on a national, regional and global scale. It measures the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. In order to accurately measure those categories macroeconomics looks at aggregated indicators such as GDP, unemployment and price indexes to understand how the whole economy functions. Microeconomics is a branch of economics that studies the behavior of individuals and small impacting players in making decisions on the…...

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