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ECO 365 Complete Class NEW Flashcards

1
Q

ECO 365 Complete Class NEW

http://www.assignmentcloud.com/uop-eco-365-new/eco-365-complete-class-new

ECO 365 Week 1 DQ 1

ECO 365 Week 1 DQ 2

ECO 365 Week 1 DQ 3

ECO 365 Week 1 DQ 4

ECO 365 Week 1 Individual Supply and Demand Curve Worksheet

ECO 365 Week 1 Knowledge Check

ECO 365 Week 2 DQ 1

ECO 365 Week 2 DQ 2

ECO 365 Week 2 DQ 3

ECO 365 Week 2 DQ 4

ECO 365 Week 2 Individual Microeconomics and the Laws of Supply and Demand

ECO 365 Week 2 Knowledge Check

ECO 365 Week 2 Learning Team Elasticity Paper

ECO 365 Week 3 DQ 1

ECO 365 Week 3 DQ 2

ECO 365 Week 3 DQ 3

ECO 365 Week 3 DQ 4

ECO 365 Week 3 Knowledge Check

ECO 365 Week 3 Learning Team Current Market Conditions Competitive Analysis

ECO 365 Week 4 DQ 1

A

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2
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ECO 365 Week 1 DQ 1 NEW

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One of the main rules in economics is the Economic Decision Rules. It’s the idea that every decision that you make has a benefit and cost associated with it.

When Marginal Benefit outweighs Marginal Cost, we move forward with the decision.

What is marginal benefit and marginal cost?

Identify a decision in the past year where you have had to weigh marginal benefit and marginal cost.

A

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3
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ECO 365 Week 1 DQ 2 NEW

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We have many decisions to make in the economy. We have to determine what to produce and how much to produce efficiently.

What is the PPC?

What concepts does it model?

A

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4
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ECO 365 Week 1 DQ 4 NEW

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The laws of supply and demand are the core of Economics.

What do these laws state?

What is the relationship between price and quantity?

A

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5
Q

ECO 365 Week 1 Individual Supply and Demand Curve Worksheet NEW

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Complete the Supply and Demand Curve worksheet.

Submit through the Assignment tab.

A

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6
Q

ECO 365 Week 1 Knowledge Check - 100% Correct

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1. Price elasticity of demand is the

A. change in the quantity of a good demanded divided by the change in the price of that good

B. change in the price of a good divided by the change in the quantity of the good demanded

C. percentage change in price of that good divided by the percentage change in the quantity of that good demanded

D. percentage change in quantity of a good demanded divided by the percentage change in the price of that good

  1. In general, the greater the elasticity, the

A. smaller the responsiveness of price to changes in quantity

B. smaller the responsiveness of quantity to changes in price

C. larger the responsiveness of price to changes in quantity

D. larger the responsiveness of quantity to changes in price

A

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7
Q

ECO 365 Week 2 DQ 1 NEW

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According to Colander (2013), firms turn factors of production into goods and services. They organize factors of production, create goods and services or sell goods and services. When doing these actions, they incur costs.

What are fixed costs, variable costs, marginal costs and average costs?

What are examples of these costs? Why is it important to know these costs as a producer?

Colander, D. C. (2013). Microeconomics (9th ed.). New York, NY: McGraw Hill/Irwin.

A

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8
Q

ECO 365 Week 2 DQ 2 NEW

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What is the difference between economic and accounting profit?

Is one method better than the other? Why or why not?

A

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9
Q

ECO 365 Week 2 DQ 3 NEW

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Diminishing marginal productivity is the idea that the more inputs that you increase, at some point the output will begin to decrease. As a producer, you have to know the right amount of inputs in order to get efficient output. You can keep adding people to a problem or people to a your production line but your outputs may not increase. It happens in real life. You have to find the right balance.

What are real life examples of this concept? Have you experienced this at your current employer?

A

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10
Q

ECO 365 Week 2 DQ 4 NEW

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What are the characteristics of perfect competition?

How do perfectly competitively firms maximize profit?

A

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11
Q

ECO 365 Week 2 Learning Team Elasticity Paper NEW

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Reflect on why some products become substitutes and why some are complements (e.g. hot dogs and hot dog buns).

Prepare a 350- to 1,050- word paper detailing the findings of your discussion.

A

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12
Q

ECO 365 Week 3 DQ 1 NEW

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Think about the company that you work or a company that you are familiar with. What is the market structure. What characteristics make the company fit into that market structure?

A

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13
Q

ECO 365 Week 3 DQ 3 NEW

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Are monopolies efficient?

Why or why not?

A

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14
Q

ECO 365 Week 3 DQ 4 NEW

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Find a company that you think has a monopoly. Discuss its characteristics. What are it’s barriers to entry?

A

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15
Q

ECO 365 Week 3 Knowledge Check NEW

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ECO 365 Week 3 Knowledge Check

  1. In a monopolistically competitive market,

A. firms produce differentiated products

B. there are barriers to entry

C. firms produce homogeneous products

D. the demand for any firm’s product is perfectly elastic

  1. Strategic decision making is most important in

A. competitive markets

B. monopolistically competitive markets

C. oligopolistic markets

D. monopolistic markets

A

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16
Q

ECO 365 Week 3 Learning Team Current Market Conditions Competitive Analysis NEW

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Imagine you are part of a strategic planning group at a large corporation that is considering developing a new proposed product. The marketing director has asked your team to do a competitive market analysis to determine the product’s potential success. The analysis will focus on your primary competitor in the product’s market.

Select a potential competitive organization and a product in that organization.

Write a 1,400 – 1,750-word paper analyzing the current market conditions. Address the following topics:

  • A short history of the organization and a description of their product
  • Factors that affect demand, supply, and equilibrium prices in the market in which the competitor organization operates: Define the market for your chosen product, including an analysis of its competitors, potential customers, or potential buyers.
  • Any issues or opportunities your organization or industry faces that affect its competitiveness and long-term profitability with regards to your product: This may include, but is not limited, to the following elements.

o Price elasticity of demand

o Technological innovation

o The relationship between the amount of labor & capital employed and the law of diminishing marginal productivity

o Cost structure

  • Factors affecting variable costs, including productivity and others that change the supply of and demand for labor
  • Factors affecting fixed costs
A

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17
Q

ECO 365 Week 4 DQ 1 NEW

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Keynesian economics is the idea that the government should be able to intervene in the economy. Classical economists do not think so.

From your reading, how does the government intervene. Do you think that the consumer is better off?

A

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18
Q

ECO 365 Week 4 DQ 2 NEW

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What are the different types of mergers?

What the benefits of each?

A

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19
Q

ECO 365 Week 4 DQ 3 NEW

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Negative Externalities

Note: All content is available for free at khanacademy.org

A

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20
Q

ECO 365 Week 4 DQ 4 NEW

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Tragedy of the Commons

Note: All content is available for free at khanacademy.org

A

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21
Q

ECO 365 Week 4 Individual Differentiating Between Market Structures NEW

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You will apply important microeconomics concepts toward the competitive strategies of an organization that operates in an industry of your choice. You will evaluate the differences between market structures and identify a group of competitive strategies consistent with the market structure that best aligns with the market in which the organization competes. You will assess how the market structure positively and negatively affects the firm and evaluate the efficacy of the structure’s competitive strategies.

Select an industry. Identify an organization in that industry. You may use the company you used for the Week 3 Learning Team assignment or you may select a new organization. Your selected organization must be submitted for instructor approval.

Identify the market structure in which this organization competes. Clearly indicate why the market structure was decided upon, and how this market structure differentiates from the other alternatives.

• How might the company you selected find itself working with organizations in the same industry that are an oligopoly, perfect competition, monopoly, or monopolistic market structure. Examine the different sectors with an industry and how market structure may vary within those sectors.

Identify three or more competitive strategies of your choice that may be used by the organization to maximize its profits over the long run. Evaluate the efficacy of these strategies in the market structure you identified.

Make recommendations related to the strategies the organization might consider to maximize its profits.

Select one of the following assignment options:

Paper
Write a 1,400- to 1,750- word paper.

A

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22
Q

ECO 365 Week 4 Knowledge Check NEW

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1. What do economists mean when they say there is “market failure”?

A. Business has introduced a product that consumers did not want.

B. Free markets have led to excessive profits.

C. Markets have surpluses or shortages so that government rationing is necessary.

D. Free markets yield results that economists do not consider socially optimal.

  1. If a market has no externalities, marginal private costs

A. exceed marginal social costs

B. equal marginal social costs

C. are below marginal social costs

D. intersect marginal social costs

  1. Economists generally call the effect of an agreement on others that is not taken into account by the parties making the agreement

A. an externality

B. welfare loss

C. Pareto optimality

D. excess burden

  1. The size performance improvements sought by those pursuing horizontal mergers is

A. economies of scale

B. increased market share

C. to coordinate activities more efficiently to spur growth

D. to decrease competition

A

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23
Q

ECO 365 Week 4 Learning Team Mergers and Joint Ventures NEW

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Discuss the differences between horizontal, vertical and conglomerate mergers and how those differ from a joint venture.

Prepare a 350- to 1,050- word paper detailing the findings of your discussion.

A

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24
Q

ECO 365 Week 5 DQ 1 NEW

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I also found this article about possibly exporting more Agricultural products to Asia because the U.S. has strict regulations on Food.

We talked about regulations in other discussions. Regulations in the food industry is beneficial because it gives consumer confidence in our food supply. They don’t have that same confidence in Asia.

Class,

What are some other industries that could benefit from globalization and exporting more goods to other countries?

http://usa.chinadaily.com.cn/us/2015-02/03/content_19481831.htm

A

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25
Q

ECO 365 Week 5 DQ 2 NEW

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Does globalization hurt or help the economy? Why or why not?

A

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26
Q

ECO 365 Week 5 DQ 3 NEW

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How does globalization affect the PPC for goods and services?

A

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27
Q

ECO 365 Week 5 DQ 4 NEW

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Globalization involves more than the ability to trade with different countries. I wanted to share with you this article regarding the new 10 year Visa agreement between China and the U.S. In order to travel between the U.S. and China, you must get a travel document amended to your passport that states you are eligible to do so. Previously this visa was only valid for up to one year. Now they are valid for 10 years. The attached article states that 7.3 million Chinese people will come to the U.S. contributing 85 billion per year to the U.S. economy. Chinese people who have disposable income like to shop and they like brands! They come to the U.S ad contribute to our economy through the tourism industry.

http://usa.chinadaily.com.cn/us/2015-02/04/content_19484864.htm

A

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28
Q

ECO 365 Week 5 Knowledge Check NEW

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1. What problem do economists see with free trade areas such as NAFTA and the European Union?

A. They tend to lead to free trade rather than fair trade.

B. They can lead to regional trading blocs then restrict trade.

C. They lead to globalization.

D. They encourage countries to rely on others rather than being self-sufficient.

  1. A group of countries that allows free trade among its members and puts up common barriers against all other countries’ goods is called

A. a tariff-free zone

B. a most-favored nation agreement

C. an autarky

D. a free trade association

A

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29
Q

ECO 365 Week 5 Learning Team Competitive Strategies and Government Policies NEW

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A

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