THINKING LIKE AN ECONOMIST: THE BASIC VOCABULARY OF THE FIELD
Choosing a Firm
In this assignment for this session, you will be asked to examine the decisions of a small business owner. Since microeconomics is the study of individual households, firms, and government, we will take a closer
look at the operations of a franchise firm.
You will choose ONE franchise to follow for the entire session. You can select ONE firm from a list available from Entrepreneur magazine: NOT FROM THE TOP 50
http://www.entrepreneur.com/franchises/rankings/franchise500-115608/2012,-1.html
*******Important Rule: Your franchise can NOT be in the top 50. THE FRANCHISE CAN NOT BE IN THE TOP 50 FROM THE LIST.
This is ranking of the top 500 franchises in the United States. Please pick only ONE firm from here.
For this first assignment, lets take a closer look at the firm of your choice in the context of what you are learning in this assignment. Write a 2 page paper on the following issues:
What firm did you pick?
Why is it interesting to you?
Define positive and normative statements.
Give one example of each type of statement that applies to your firm.
Think about the three fundamental questions in economics (see Chapter 1 in background reading). Apply each question to your firm.
List the three factors of production and explain if and how they are used by your firm.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more