ECN 220 Grand Canyon Week 1 Discussions
ECN 220 Grand Canyon Week 1 Discussion 1
Nobel prize-winning economist Milton Friedman summarized the idea of opportunity cost with his now famous remark: “There is no such thing as a free lunch.” What was Friedman really saying when he made this comment? Provide two real-life examples (one professional and one personal) in which you had to make a choice involving opportunity costs. Explain how opportunity costs influenced your decision making.
ECN 220 Grand Canyon Week 1 Discussion 2
Is an understanding of microeconomics an important part of your employer’s decision-making process? If so, what role does economics play in your employer’s decisions? If not, elaborate on the noneconomic criteria your employer uses to make business and/or organizational decisions? Provide at least two real-life examples in which economics impacts your employer’s decision-making process.