Economics case assignment module 01 Essay Example | Topics and Well Written Essays - 500 words - 1

Economics case assignment module 01 - Essay Example This reflects the company’s high premium on supply and demand. It also values customers by giving many incentives that will attract new buyers and maintain old ones. To further the relationship between Wal Mart and Economics, the term Efficiency, Technology , and Price were chosen since these are actually some of the factors that have contributed to the growth of this business. The first term efficiency denotes achieving the maximum potential of an output ( products or services) that is brought by the resources and technology. An organization as big as Wal Mart would not be able to thrive in the market if it isn’t efficient. It’s expansion even to other countries benefits much from the ability of the organization to harness the potential of its resources. One of its focus is human resource management which equips its employees the skills that increase their efficiency in delivering services to the customers, thereby, producing favorable results as seen from their growth. Even having their own fleet of trucks dramatically increased their efficiency in supplying their stores. The term Technology complements the efficiency of Wal-Mart since this business has proven that one of the contributing factors for its efficiency is technology. A concrete example would be its direct access to P&G that enables it to replace its shelves four times faster than the competition; thus , approving that efficiency is highly correlated with technology. The third term price implies that sellers and buyers must agree on the exchange of products and services. In the same manner, Wal Mart has met the price that the consumers are willing to pay for since its prices are low. Interestingly, this is again a contribution of efficiency since the company keep the costs very minimal because of the logistics system that they have. Their efficiency in

Microeconomics Essay Example | Topics and Well Written Essays - 500 words - 16

Microeconomics - Essay Example Macroeconomics is similar to this except that it deals with a country’s GDP, trade figures, and unemployment rates (â€Å"What’s†). These two economic principles go hand-in-hand because they each compliment each other. For example, the purchasing decision of an individual consumer would have an effect on the greater country as a whole, no matter how big or small. Looking at it from the other perspective, a macroeconomic decision taken by a government will have an effect on the spending habits of a single consumer. Microeconomics is largely to do with the prices of regular goods and services and how they affect a market. If a market is not doing so well, maybe the prices of goods and services need to be lowered. On the other hand, if the economy is doing above average, maybe the prices of goods and services need to be raised. This is largely due to the need to control inflation, which has more to do with macroeconomic decisions (Fox). Macroeconomics is concerned w ith economic growth and the discrepancies in national income, or GDP (â€Å"Difference†). An example of an economic decision that I could make would be the purchase of some new running shoes. If the price is too high, then I will put off my decision to purchase a new pair. Alternatively, I could look for another pair that is cheaper and more in my price range. Before making the final purchasing choice, I would find a selection of running shoes and evaluate of pair based on its pros and cons. Factors that I would consider in making my choice would obviously be price, followed by quality. Ultimately, my final choice would come down to the best pair of running shoes that I could buy in terms of durability and how comfortable the shoes are. An example of a macroeconomic decision that has affected me has been the raising of the minimum wage level. When a government chooses to raise the minimum wage, a consequence of