Note Topics For Both Questions And Introductions Managers

Note Topics For Both The Question Areintroductions Managers Profit

Note Topics For Both The Question Areintroductions Managers, Profits and Markets; Demand, Supply and Market Equilibrium. 1. In no less than two and no more than four pages, summarize the important economic principles and concepts discussed in each of the assigned chapters. 2. You need to find an article related to Economics and be prepared to present the article during class (5 to 10 minute presentation. You must state specifically what topic in Economics that the article related to. The article should be from a referred journal, but articles from the Wall Street Journal, Business Week, some other business magazine, will be acceptable if there is enough substance (you may need to do additional research). Your write up should be no less than one page and no more than three pages posted in Moodle.

Paper For Above instruction

The assignment requires a comprehensive review of key economic principles and concepts from assigned chapters, focusing on introductions, managers, profits, markets, demand, supply, and market equilibrium. Additionally, students are tasked with selecting a relevant economics article from reputable sources for class presentation, emphasizing the connection between the article’s content and specific economic topics.

Introduction

Economics is fundamentally structured around core principles that describe the functioning of markets, the behaviors of managers, and the overall dynamics of profits and market equilibrium. This paper synthesizes essential concepts from the relevant chapters and explores how economic theories explain real-world phenomena, particularly through analyzing a selected journal article pertinent to the topic.

Economic Principles and Concepts

The first section of the assignment reviews critical economic principles discussed in the chapters, including the nature of supply and demand, market equilibrium, and the roles of managers and profits within various market structures. The law of demand states that, all else being equal, an increase in the price of a good typically leads to a decrease in quantity demanded, while the law of supply suggests that higher prices induce suppliers to produce more. These fundamental laws are pivotal in understanding how markets reach equilibrium, where the quantity supplied equals the quantity demanded.

Market equilibrium is crucial for establishing price signals that coordinate economic activity efficiently. Price mechanisms serve as decentralized indicators for resource allocation, affecting the decisions of managers and influencing profitability. The interaction of supply and demand curves explains fluctuations in markets and provides insights into consumer behavior and producer responses.

Managers operate within this economic landscape, making decisions based on market signals to maximize profits. The concepts of market structures—ranging from perfect competition to monopoly—highlight varying degrees of market power and influence on profits. For instance, firms in monopolistic markets can set prices above marginal costs, leading to supernormal profits, while firms in perfect competition tend to break even in the long run due to free entry and exit in the market.

Understanding profits involves analyzing revenue, costs, and market conditions. Profit maximization occurs where marginal cost equals marginal revenue, guiding managerial decisions about production levels and pricing strategies. External factors like government policies, technological advancements, and global economic conditions also impact market outcomes and the profitability of firms.

Selection and Analysis of an Economics Article

For the second part of the assignment, students are expected to choose an article from reputable sources such as scholarly journals, the Wall Street Journal, or Business Week that is rich in substantive content regarding economic issues. The selected article should be closely related to the topics discussed, such as supply and demand, market equilibrium, or managerial decision-making.

In the write-up, students must identify the specific economic concept the article addresses and analyze how the article's content exemplifies or challenges theoretical principles. This exercise demonstrates the practical relevance of economic theory in understanding contemporary business and market phenomena.

Conclusion

This assignment reinforces the linkage between theoretical economic principles and real-world applications, emphasizing the importance of understanding fundamental concepts such as supply, demand, and market equilibrium. The integration of scholarly articles enhances comprehension by illustrating how economic ideas operate within complex market environments.

References

• Krugman, P., & Wells, R. (2020). Economics (5th ed.). Worth Publishers.
• Mankiw, N. G. (2018). Principles of Economics (8th ed.). Cengage Learning.
• Samuelson, P. A., & Nordhaus, W. D. (2010). Economics (19th ed.). McGraw-Hill Education.
• Friedman, M. (2002). Capitalism and Freedom. University of Chicago Press.
• Stiglitz, J. E. (2010). The Price of Inequality: How Today's Divided Society Endangers Our Future. W.W. Norton & Company.
• Marshall, A. (2014). Principles of Economics. Palgrave Macmillan.
• Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
• Fama, E. F., & Jensen, M. C. (1983). Separation of Ownership and Control. Journal of Law and Economics, 26(2), 301-325.
• Obstfeld, M., & Rogoff, K. (1996). Foundations of International Macroeconomics. MIT Press.
• Hirschleifer, J. (1971). The Private and Social Value of Information and the Reward to Innovation. The American Economic Review, 61(4), 561-574.