Southern New Hampshire University Economics and Business Decisions Discussion


Every individual confronts economic issues daily. This is especially true of business owners, who spend their time thinking of economic issues such as how to handle changes in the price of goods, how to allocate their time, and whether to buy or produce goods in order to efficiently allocate their scarce resources.
In your initial post, begin by introducing yourself briefly, including your program of study and career interests. Then, address the following as part of your response:
Imagine you own your own business and have to make daily decisions about how to allocate available resources such as input of production, time, purchasing decisions, and so forth. What role do you think microeconomics has in running a business?
Which of the principles of economics outlined in your reading would you be more likely to apply when making business decisions? Provide at least two to three examples.

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Amanda Genthner posted Apr 28, 2022 7:59 PM
Hello Class!
My name is Amanda and I am currently studying for my Bachelors in
Business with a concentration on Leadership. I work as a dental
assistant and though I still love dental care, I am over the toll it takes
on my body. My future goal is become part of management and
eventually buy in on a dental practice.
Imagining myself owning a business seems intimidating at a glance.
Simply because I have yet to take many business courses. To be frank, I
knew nothing about economics before starting this class so I have just
a little taste so far. The role Microeconomics has in running a business
will be how to analyze the market by comparing product prices and
knowing how to allocate scarce resources. Also, understanding the flow
of the market is helpful and by using the circle -flow diagram it easily
gets put in to perspective.
I think a good principal to understand is Trade-Off. It is important to
know that where ever I choose to make a gain, I will have a loss on the
other end. It is important to know how to analyze the situation and
determine if the trade-off is worth the risk. Also understanding
marginal cost and looking at the whole picture will benefit success, And
most importantly efficiency. By understanding what efficiency is means
to cut costs where you can and allow yourself to get the maximum
benefits from your available sources.

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