The Economic Approach
What is scarcity, and why is it important even in relatively wealthy economies?
Scarcity indicates that there is less of a good freely available from nature than people would
like. It causes there to be choices made when de
-competitive price searchers: can make either profits or losses in the short run, but only zero economic profit in the long run.
Price and Output: A profit-maximizing price
good or service- can only occur when a price
operation of markets dominated by a s
Williams- Foundations of Business
April 25, 2011
Throughout the semester I have taken much away from The Foundations of
Business class. Things such as the importance of teamwork and how crucial it is to keep
learning so you
Outbreak of War
-McKinley demanded Spain pay an indemnity for the Maine, end concentration camps,
end fighting the rebels, and commit itself to Cuban Independence
-Spanish answer conciliatory, but
-Pressure for war
-Declaration of war
Conduct of War
You see the trouble we are in: Jerusalem lies in ruins, and its gates have been burned
with fire. Come, let us rebuild the wall of Jerusalem, and we will no longer be in
disgrace. Nehemiah took it upon himself, due to the Glory of God and the kindness of
Some Tools of Economics
What is opportunity cost?
Why do economists place so much emphasis on it?
The value of all the factors that go into obtaining somethingfailure to consider opportunity costs
often leads to poor decision making
Why do peopl
The Role of Government
1. What is economic efficiency and how can it be used to evaluate markets?
REFER TO KEY TERMS (RULE #1 AND #2)
2. Why is it generally undesirable to pursue any goal to perfection?
The trade-off costs are not worth the time
Chapter 11- Consideration, Capacity, Legality
-Under common law, a primary basis for enforcement of promises is consideration
Consideration is broken down into two parts
1. something of legally sufficient value must be given in exchange for the
a. Cost for Site #1 impressions: $162
b. Cost for Site #2 impressions: $300
c. Total: $462
d. CPA amount: $160
e. Your cost-per-acquisition amount is $160.
a. Define: In this step we will define the process problem, the projects goals, and the