1. Explain what opportunity cost is and give an example.

2. Explain why organizations should be managed with scarcity in mind.

3. Explain what a change in demand is and give an example of the determinants that produce this change.

4. Explain what a change in supply is and what determinant produces this change.

5. Explain what a regression analysis is and detail the 4 steps to estimate the quantitative relationship between the variables.

6. Explain the difference between a market with perfect competition and a market with imperfect competition and give examples of companies that are in both markets.

7. Explain why a manager must know microeconomics and macroeconomics, give an example of the companies that make up a microeconomics and examples of the organizations that would be operating in macroeconomics.

8. What are the determinants of demand? Give examples of why these determinants cause variations along the demand curve.

9. Explain why managers make decisions and give examples of the most important decisions managers make.

10. What does cost-benefit mean for a company, is the cost-benefit part of what unit? Give an example of cost-benefit of a production company.

Answer rating: 100% (QA)

Opportunity cost refers to the value of the next best alternative forgone when making a decision It represents the benefits or values that could have been gained from choosing an alternative option Fo... View the full answer