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For this Assessment, you will answer a series of short-answer questions to demonstrate your understanding of the foundational principles used in economic decision making

For this Assessment, you will answer a series of short-answer questions to demonstrate your understanding of the foundational principles used in economic decision making

Overview

For this Assessment, you will answer a series of short-answer  questions to demonstrate your understanding of the foundational  principles used in economic decision making.

Assessment Submission Length: 5 items, with responses ranging in length from 75 to 150 words (1–2 paragraphs) per item.

Instructions

Before submitting your Assessment, carefully review the rubric. This  is the same rubric the assessor will use to evaluate your submission,  and it provides detailed criteria describing how to achieve or master  the Competency. Many students find that understanding the requirements  of the Assessment and the rubric criteria help them direct their focus  and use their time most productively. 

Access the following to complete this Assessment:

  

Important Information on Interpreting the Assessment Rubric (click to expand) 

Please note that word  count, paragraph lengths, or slide counts are provided as guidelines  only. You will be assessed on the quality of your response. Be sure to  reference the rubric often.

All submissions must follow the Academic Writing Expectations. For  each item, be sure to reference at least one scholarly source to support  your answer. Properly formatted APA citations and references must be  provided where appropriate. Submissions that do not meet these  expectations will be returned without scoring.

This Assessment requires submission of one written document. Save this file as MS1001_firstinitial_lastname (for example, MS1001_J_Smith).

You may submit a draft of your assignment to the Turnitin Draft Check area to check for authenticity. When you are ready to upload your completed Assessment, use the Assessment tab on the top navigation menu. 

 

Important Note: As a student taking this Competency, you agree  that you may be required to submit your Assessment for textual  similarity review to Turnitin.com for the detection of plagiarism. All  submitted Assessment materials will be included as source documents in  the Turnitin.com reference database solely for the purpose of detecting  plagiarism of such materials. Use of the Turnitin.com service is subject  to the Usage Policy posted on the Turnitin.com site.

Assessment: Lunch and Learn: Economic Decision Making

Your company has partnered with the Council on Aging to host a “Lunch  and Learn.” This is an opportunity for adults aged 55 or older to learn  more about the subjects they find interesting, all while they enjoy  lunch together. This session will be held at your local senior center  and is titled “Economic Decision Making.” A few people have submitted  their questions ahead of time. You will be representing your company at  this session and are responsible for addressing the questions listed  below:    

Click each of the items below for more information on this Assessment.

  

Question 1 

 

What are the key differences between scarce and free resources? How  are they allocated? What can cause a free resource to become a scarce  resource? Can you provide some examples so I can better understand this  topic?

A typical response will be 75–150 words (1–2 paragraphs). Be sure to  reference at least one scholarly source to support your answer.

 

Question 2

 

Economists argue there is “no such thing as a free lunch,” yet I just  had lunch with a friend who paid for it! Are the economists incorrect?  Explain using basic principles of economics.

A typical response will be 75–150 words (1–2 paragraphs). Be sure to  reference at least one scholarly source to support your answer.

 

Question 3

 

I once read about a manager who noticed the company’s sales personnel  were offering its customers deals that, while increasing revenues,  lowered profits. After he reviewed the company’s compensation plan, the  manager discovered that bonuses were based on sales revenue. Can you  explain the sales personnel’s behavior using the economic principle that  “people respond to incentives”? What kinds of changes might you  recommend to the compensation plan to correct this problem?

A typical response will be 75–150 words (1–2 paragraphs). Be sure to  reference at least one scholarly source to support your answer.

 

Question 4

 

Assume country A has an absolute advantage in producing all products  compared to country B. Are there opportunities for gains from trade for  both countries? Please provide at least 2 examples. What determines the  direction of trade?

A typical response will be 75–150 words (1–2 paragraphs). Be sure to  reference at least one scholarly source to support your answer.

 

Question 5

 

How does international trade allow a country to move beyond its  production possibilities frontier? Can you please elaborate on this and  provide 1 or 2 examples?

A typical response will be 75–150 words (1–2 paragraphs). Be sure to  reference at least one scholarly source to support your answer.

Citing Your Sources 
 

Be sure to provide a  citation for each source you used when you created your response to this  Assessment. A sample citation is provided below:  
 

Lussier, R. N. (2017). Management fundamentals: Concepts, applications, & skill development (7th ed.). Sage Publications.  

 

FYI

   

Achievement vs. Mastery of the Competency

  • Mastery of this Competency means that 80% or more of the rows have  been assessed as Exceeds Expectations and no rows have been assessed as  Does Not Meet Expectations.
  • Achievement of this Competency means that all rows are assessed at  Meets Expectations or above (but lower than the 80% threshold required  for Mastery).

Assessment of Individual Rubric Rows

In order to achieve Meets Expectations for a  particular row of the rubric, you must have adequately completed all  criteria in that row. This means that you have addressed all required  elements to the required level of quantity and/or quality.

In order to achieve Exceeds Expectations for a  particular row of the rubric, you must have adequately completed all  criteria in the row, and in addition, your response must reflect a depth  and breadth of knowledge and expertise. Examples of this include—but  are not limited to—the following:

  • You provide additional, specific, and/or particularly relevant examples to illustrate points made.
  • You seamlessly incorporate your original thoughts and diverse,  credible, and relevant academic sources, when applicable, to express  your viewpoint or develop a persuasive argument.
  • You demonstrate a deeper understanding of the subject that draws  from discipline-specific knowledge and theory and incorporates the  viewpoints of a diverse set of business and management thought leaders.
  • You draw additional connections between multiple, complex topics to support your explanations.
  • You are able to apply your knowledge in unique, creative, and/or innovative ways.
  • You thoroughly break down concepts into simpler parts and use your understanding of business to make connections.
  • Your analysis is insightful and original.
  • You design processes, products, and/or solutions that are creative, high-quality, and innovative.
  • You consider diverse perspectives and relevant social, ethical, and  business-related issues when proposing new ideas or formulating  judgments.

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