ECON545 Week 1 Case Study-Choices, Trade-Off, and Economic Systems 2019 Question # 00597023 Course Code : ECON545 Subject: Economics Due on: 01/18/2019 Posted On: 01/18/2019 04:01 AM Tutorials: 1 Rating: 5.0/5

Week 1 Case Study: Choices, Trade-Off, and Economic Systems

Overview

Every time we choose to do something (consume it or produce
it), we give up doing or gaining something else that could give us a certain
level of benefit or satisfaction. Choices exist because of our limited (scarce)
resources. Even if you were the richest person in the United States, you still
cannot do more than one thing at a time. For example, you cannot watch a movie
and sleep at the same time, and you cannot fish and bike at the same time.

When we make choices, we usually weigh several factors
against each other to narrow down our options. These factors could be tangible,
such as money, gifts, work, distance, personal ability, and so forth, and they
could also be intangible (or immaterial), such as feelings, comfort, sleep,
love, and so forth. We always go through a rational (or purposeful) thinking
process when we make choices, although not all choices are rational!

Assignment Description

We are going to examine how an entity made a decision and
the impact of that decision.

Select a company, a supplier, a producer, a not-for-profit
organization, a government agency, a community, or a social movement of your
choice to analyze the process, costs, benefits, and the outcome of a major
choice that the organization has made. A decision could be to expand production,
relocate, eliminate a product or service line, hire more people, layoff
workers, shut down operation, change their marketing approach, target a new
market, or change the structure of the organization.

To start the selection process of your organization, select
an organization or a company and then perform a quick online search for a major
change in that company that impacted its labor force, market share, revenue,
and costs. Or you could select the organization you work for or belong to and do
similar search about them.

Your research needs to be structured with consistent and
clear thoughts. It also needs to be supported by facts and data. Your results
need to be based on solid facts. Your conclusion and opinion need to be
thorough and based on your findings and understanding of the concepts:
Trade-Off and Economic Systems.

Writing Style and Page Number Requirements

Font Type: Times New Roman or Arial

Font Size: 12

Spacing: Double

Number of Pages: Four to six pages, including a separate Title
page and a separate References page

Structure and Requirements

· Title Page

o Title of the paper

o Name of the author

o E-mail address of
the author

o Class name

o Professor’s name

o Date

· Introduction

Identify your organization, its scope of business or
service, its size, its mission statement, its business or service strategy, its
revenue, and the trend of its growth and decline in recent years. Then talk
about the nature of the decision that organization has to make and the reason
behind this choice.

· Data

Obtain data from at least three credible sources (not
Wikipedia) to provide facts about the organization (its size, revenue,
capacity, etc.).

Use table, graphs, and figures (if available) to support
your argument.

· Analysis

Fully explain the organization’s purpose and the process of
making the decision. Basically, what made them make this choice? Then fully
explain the consequences and outcome of this decision (cost, benefits, risks,
losses, and gains). Make sure to use facts, numbers, figures, tables, and/or
graphs to show the impact of this choice on the organization (revenue, size,
costs, market share, etc.)

Conclusion

Provide your own final thoughts, opinion, and understanding
of the outcome. Do you believe the choice that the organization made had
economic justification where the benefits outweighed the costs? Explain your
answer here. Also, state what else could have this organization done to improve
the outcome of their choice. Also, provide an alternative (better) choice they
could have made instead of the one they actually made.

Reference List

Use at least three professional sources to support your
argument. The references need to be in APA format. To learn more about APA
format, click on the link below.

APA Resource