ECN 601 Grand Canyon All Week Discussions (June 2016)
ECN 601 Grand Canyon Week 1 Discussion 1 (June 2016)
Create a supply and demand graph in Excel that demonstrates the relationship between the amount buyers are willing to purchase and the quantity available. You may select your own data points, but you must discuss the relationship between supply and demand within the economy, as well as discuss the concept of market equilibrium. Please attach your graphs along with your discussion in your response. Provide an explanation for the value graphing supply and demand and analyzing the data can have on decision-making in a business and the economy.
ECN 601 Grand Canyon Week 1 Discussion 2 (June 2016)
View “Trade-Offs and Opportunity Costs,” located on the YouTube website. Share an example of your own experience in which you had to decide on an opportunity cost that would affect you. What outcome did the decision have on your economic situation?
ECN 601 Grand Canyon Week 2 Discussion 1 (June 2016)
How can sample data support or inform economic decision making within an organization? Can the sample data have errors or be problematic when making decisions? Provide an example.
ECN 601 Grand Canyon Week 2 Discussion 2 (June 2016)
How does applying econometrics to economics validate economic decisions for an organization? Support your response with an example.
ECN 601 Grand Canyon Week 3 Discussion 1 (June 2016)
What market structure best describes the structure under which your organization operates? Identify one challenge and one opportunity that arise from this and how the firm might use these for strategic advantage.
ECN 601 Grand Canyon Week 3 Discussion 2 (June 2016)
According to Coase’s theory of the firm, why do firms exist? How do firms contribute to the efficiency of the market economy in ways that ‘networks of independent contractors’ do not? How are the boundaries of the firm best established?
ECN 601 Grand Canyon Week 4 Discussion 1 (June 2016)
Identify a personal economic decision that was driven by a behavioral bias rather than by pure rational behavior. Given your understanding of behavioral economics, how would your decision differ today?
ECN 601 Grand Canyon Week 4 Discussion 2 (June 2016)
Would an organization benefit from using direct or indirect price discrimination. Why or why not? Provide an example.
ECN 601 Grand Canyon Week 5 Discussion 1 (June 2016)
Read “7 Easy Ways to Use Game Theory to Make Your Life Better,” by Duronio. Reflect on your personal life experiences. Discuss a time you have used game theory in your life to earn money or save money. Did you realize you were implementing game theory in the situation? How did the outcome benefit you at that moment and in the future?
ECN 601 Grand Canyon Week 5 Discussion 2 (June 2016)
Read “Game Theory Explained,” located on the PBS website. Discuss your perspective on the use of game theory. How do “Nash Equilibrium” and the idea of one “player” impacting another “player” within an organization affect the economic decisions and growth of an organization?
ECN 601 Grand Canyon Week 6 Discussion 1 (June 2016)
Discuss the importance of analyzing competition within an industry to better appeal to potential candidates. How can an organization use incentives to ensure it appeals to the employees it wants to hire?
ECN 601 Grand Canyon Week 6 Discussion 2 (June 2016)
Provide an example of a moral or ethical hazard an organization might face relating to labor markets. How can this affect employees, an organization, and the economy?
ECN 601 Grand Canyon Week 7 Discussion 1 (June 2016)
Identify one environmental factor or risk that affects the decision-making opportunities within your organization. Provide a brief description of the concerns and potential solutions for addressing the concerns or risks. Are there financial requirements that must be considered when processing decisions within a company?
ECN 601 Grand Canyon Week 7 Discussion 2 (June 2016)
How does the financial aspect of an organization influence decision making and the outcome?
ECN 601 Grand Canyon Week 8 Discussion 1 (June 2016)
Interview one person within your organization who has knowledge about the decision-making opportunities the executive or management team formulates. Inquire about national and global trade opportunities. Does the organization benefit from trade opportunities? If so, describe the incentives. If not, what strategies or trade opportunities would benefit the growth of the organization?
ECN 601 Grand Canyon Week 8 Discussion 2 (June 2016)
What are the advantages and disadvantages of a firm’s use of power purchasing parity? Provide an example.