Economic Basics

10. Describe a real or made up but realistic example of a product that went

4. Make a list of at least 4 people you will want to give copies of your business plan to, and explain why you chose each of those people. (2-4 sentences. 2.0 points)

Use your knowledge of the factors that cause shifts in demand, and in a multi-paragraph essay, provide at least three reasons why ice cream sales fluctuate in

3. What new retail concepts can you identify? How might you learn about more? What strategies do you suggest for learning about new retail concepts?

A corporate business enterprise is established under a specific legal framework where laws governing the operations and functioning of the enterprise are outlined. The activities of the enterprise are monitored and therefore such an enterprise is recognized by law. This is important due to the fact that legal suits can be filed by the enterprise within the provisions of the law.

2. List two examples of goods you have purchased in the past or may purchase in the future. (Complete sentences are not necessary. 0.5 points) candy bar, video games.

availability of substitutes, and justify how you determine the price elasticity of demand for your firm’s product. b) Explain the factors that affect consumer responsiveness to price changes for this product, using the concept of price

Describe three macroeconomic variables in the United States that impact the supply and demand of your chosen product or service.

1. (10 pts.) Stella Ann Freeman is having a difficult time deciding whether or not to purchase a new car. How would understanding the concept of opportunity costs help her make a decision?

Consider the last purchase you made in these categories: personal electronics, clothing, and vacation destination. To what extent was your purchase decision influenced by decision-making complexity, individual influences, social influences, and situational influences? What specific issues were the most influential in making the decision? How could a marketer have swayed your decision in each case?

d) What additional information would you like before making a decision about adding these new products?

This assignment has a maximum total of 100 marks and is worth 10% of your total grade for this course. You should complete it after completing your course work for Units 1 through 5. Answer each question clearly and concisely.

1) According to the Law of Demand, the demand curve for a good will A) shift leftward when the price of the good increases. B) shift rightward when the price of the good increases. C) slope downward. D) slope upward. Answer: C 2) An increase in the price of pork will lead to A) a movement up along the demand curve. B) a movement down along the demand curve. C) a rightward shift of the demand curve. D) a leftward shift of the demand curve. Answer: A 3) An increase in consumer incomes will lead to A) a rightward shift of the demand curve for plasma TVs. B) a movement upward along the demand curve for plasma TVs. C) a rightward shift of the supply curve for plasma TVs. D) no change of the demand curve for plasma TVs. Answer:

Explain how the demand curves for normal products and for prestige products differ, what are demand shifts and why are they important to marketers? How do firms go about estimating demand? How can marketers estimate the elasticity of demand?

1. Design a new product. (A modification to a current product will do.) What advertising strategy for the promotion of this new product would you use and why?