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Economics: Questions

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1. What role does economics play in your personal decisions? What role does economics play in your organizational decisions?

2. What are your opportunity costs of getting your degree from UOP online?

3. What can you say about the elasticity of the demand curve that faces the product (or service) produced by your organization? Is it inelastic, elastic, unit elastic? Why? How much does your organization rely on advertising? What do you think will be the impact of an increase in advertising expenditures by your firm on the elasticity of the demand curve that your firm faces? Why?

4. How do economic and political events in other countries affect the U.S. economy? Cite some examples.

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The response addresses the queries posted in 2381 words with references.

//This query requires you to define the role of economics in our personal and organizational decisions. You must be aware about what economics is. I am going to give to an overview on this question for developing your understanding on it. //

Answer 1

The growing complexities of organizational decision-making have inevitably increased the application of economic concepts, theories and tools of economic analysis in this area because of the reason that making an appropriate organization or business decision requires a clear understanding of market conditions, market fundamentals and the business environment. This requires an intensive and extensive analysis of the market conditions in the product, input and financial markets and these can be effectively analyzed with the help of economic concepts, theories, logic and analytical tools or we can say that the economic theories and concepts help in the assessment and prediction of market conditions and business environment.

Economic theories, principles and concepts play an important role in the personal decision making of individuals as personal decisions relate to the consumers, businesses, social events and personal choices. People have unlimited wants and desires and economics provides simple and powerful tools to help people think critically about their choices and desires. In order to have a high standard of living, it is essential for the individuals to learn to be productive workers and entrepreneurs and this learning can be better acquired with the help of economic concepts. Personal decisions of the individuals such as what products and services require high or low spending, what products are better from the economical point of view, etc and these decisions can be easily and effectively taken if an individual has a good understanding of the economic concepts (Dwivedi, 2005).

//You are required to supply information on opportunity costs in the context of acquiring a degree from UOP online. Gather some information on University of Phoenix and include it in your response. I am offering some overview on this issue. //

Answer 2

The University of Phoenix (UOP) Online began operations in 1989 by modifying campus-based courses for delivery via the Internet. It was one of the first accredited universities to offer online college education with complete degree programs via the Internet. However, it has several opportunity costs. An individual could apply for an online program from other university and derive more benefits.

The opportunity cost of the online degree program of the UOP includes the good quality of instructors at other universities. The instructors at other universities take part in the discussions or evaluations to a greater extent. The students at the UOP complain about the low quality of the instructors who do not promote and participate in discussions to the level that has been promised. At other universities like Arizona (in their online MBA degree program), the response to the questions posted is very fast as compared to the UOP. The communication is two way and adequate in other universities, which promotes better understanding of the concepts and encourages asking questions and discussions. On the other hand, sometimes, there is lack of communication skills at the UOP and there is no or just a partial response to the questions posted by the students.

In other universities, whenever there is a grievance or concern addressed by the students, strict and prompt action is taken in response to it, while in the UOP, there is be a long series of communication followed by little or no action. The pay to the instructors in other universities is quite high as compared to that of the pay of the instructors in the UOP. Thus, they lack the ...

Solution Summary

This response addresses the queries posed in 2213 Words, APA References.