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To be successful leaders in the global business world of the 21st century, managers must consider economic trends, behavior, and ramifications of economic decisions. Managers must also balance the pressures to react in the short term and plan for the medium term and long term.
With this in mind, reflect on the economic theories, concepts, and strategies presented in this course as you respond to the following:
Describe how the economic theories and principles you have studied in this course have deepened your thinking about economic behavior.
Identify the knowledge/insights you think will be most useful in your own decision making from a personal perspective and a business perspective.
Summarize your reflections in a 250-word response paper.
Here are the core principals of the book:
The Seven Core Principles
Scarcity: Having more of one good thing usually means having less of another.
Cost-Benefit Analysis: No action should be taken unless the marginal benefit is as great as the marginal cost.
Incentives Matter: Comparing cost-benefit analyses enable us to predict actual decisions people make.
Comparative Advantage: Everyone does best if they concentrate on their relatively most productive activity.
Increasing Opportunity Cost: Resources with the lowest opportunity cost should be used before turning to those with higher opportunity costs.
Equilibrium: A market in equilibrium leaves no unexploited opportunities for individuals but may not exploit all gains achievable through collective action.
Efficiency: When the economic pie grows larger through efficiency, everyone can have a larger slice.
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