In our organisation, we spend a lot of time explaining economic principles in layman terms. Our clients
Question:
In our organisation, we spend a lot of time explaining economic principles in layman terms. Our clients often come from non-business disciplines, and it is always important for us to communicate clearly and succinctly.
Can you briefly explain the following concepts to someone without a formal business degree? Marginal Benefit. Marginal Cost. Opportunity Cost
Question 2: (2 min answer)
As a social science, economics is concerned with the scientific method. Thinking about a policy intervention, such as lockdown income support packages, can you explain how the scientific method can be used to assess their validity for businesses in lockdown affected areas?
Question 3: (2 min answer)
Our organisation is currently very concerned with the high level of inflation affecting consumers.
- Can you discuss the effect that general increases in price would have on demand for goods and services?
- What happens if we expect prices to increase by even more in the future?
- How would that affect the demand curve? (Hint; Think about what may shift the demand curve).
Auditing Cases An Interactive Learning Approach
ISBN: 978-0132423502
4th Edition
Authors: Steven M Glover, Douglas F Prawitt