Macroeconomic Terms

What I took away from hebdomad twos objectives after discussing and the topics that I feel comfortable with are the relationships between productivity and the approach of production. Productivity is being able to bring forth or produce goods and services. Understanding that there are many different types of address that business incur during the production cycle. Its important for firms, owners or managers, etc. To know nigh the various costs (I. . Fixed costs, variable costs and total cost).Also that score focuses on explicit cost and revenue while economics focuses on both explicit and implicit cost and revenues. The topics that I struggled with are the consciousness of economies of scale, discomposes of scale and understand the shape or the different reasons that would make the deform shift. The topics relate to my field because in the healthcare industry, the company has to be generative in hallow to stay afloat and they are constantly spirit for ways to lower the cost o f services that are provided to linens in order to increase the companys overall profit.Cherishes Whittier During week one, we discuss the difference between deliver and bespeak and the affects that it has on prices and quantity. Example of shifts in demand would be taxes, expectations, income, and other goods. Examples of a shift in supply would be price inputs and technology. I believe that I am comfortable with supply and demand however, I struggle with the graphs and the visuals of the shift. By taking macroeconomics before this class, in ways has hustling me to have a better understanding of microeconomics and how the frugality is studied.Joan Ashcan collect from chapter one reading, it states a key element in getting pack to recognize that lunches arent free is the concept of opportunity cost-e truly decision has a cost in forgone opportunities. The economists model which helps you understands not only the opportunity cost numerically and graphically but this model hel ps us understand why a person specializes in what they do. From this I can apply to why the economy is very important in my personal decision making work out because, it dictates my barter foring power, the market and my investing power.If the economy is good, sales and Job security department will be secure. Paul Parker This week focused heavily on the basics of economics. The topic that interested me most what about the supply and demand curve and what makes them change. We have so many different factors that drive consumers to buy or not buy an item. This is going to be a very interesting aspect of class as we go through the five dollar bill weeks. Another interesting topic from week one was opportunity costs. We forever have to make sacrifices to charter between multiple options. We have to choose the best option that will provide the most benefit at the time.