Help For Your Introductory Economics Course

To help you navigate week 1 I have complied a list of extra resources for you to peruse for week 1 or ECO-201. For assistance with the first discussion assignment: Video Introducing Discussion 1 Opportunity Cost Clip on YouTube Opportunity Cost Overview Opportunity Cost – And Pretty Little Mistakes For assistance with the first homework assignment (found within MyEconLab): YouTube Clip Introduction to the Production Possibilities Frontier PPF Sample Problem Opportunity Cost Sample Problem For help with selecting a firm for your final project (this same firm will be used for all milestone assignments): use these guidelines

If you have not yet selected a firm for your final paper, these companies have proven successful for this assignment by previous students and all on this list are publicly traded, US-based companies. Their products and markets are easy to identify and analyze with the microeconomic tools developed in this course. If you would like to choose a company not on this list, please work with me to make sure it’s a good fit for the assignment. List of Pre-Approved Companies to use for your ECO-201 Final Paper 1. Starbucks 2. Nike 3. Southwest Airlines 4. Netflix 5. Ford 6. GM 7. Under Armour 8. Chipotle 9. American Outdoor Brands (formerly Smith and Wesson) 10. Coca Cola 11. Whole Foods 12. Boston Beer Company (Samuel Adams) 13. Anheuser-Busch 14. First Solar 15. Tesla 16. Wendy’s 17. McDonalds 18. Harley Davidson 19. Campbells 20. UPS 21. Goodyear 22. Hasbro 23. EA If any of these options interest you, then you can go ahead and email your selection to me and get start...

Consider the production possibilities frontier (PPF) that shows the trade-off between the production of oranges and grapefruit. Suppose there has been a disease in the area that kills citrus trees. Make a drawing to show what the PPF would look like before (PPF1) and after the citrus tree disease (PPF2). The production possibilities frontier (PPF) is a curve that shows the maximum attainable combinations of two products that may be produced with available resources and current technology. The point where the curve touches the y-axis (the vertical axis) indicates how many oranges could be produced if all of the focus was on producing oranges and none of the focus was on producing grapefruit. The point on the x-axis (the horizontal axis) indicates how many grapefruit could be produced if zero oranges were produced. All the points along the curve indicate different combinations of orange and grapefruit that could be produced efficiently. Points outside the curve are not attainable due t...

Every society faces trade-offs because we live in a world of scarcity .  Suppose Stacy has the opportunity to go to school next year full-time to become a Nurse Practitioner.  Stacy currently works as a nurse and earns $60,000 per year at her hospital.  Stacy has been offered another job to work as a home healthcare nurse that would pay $70,000 per year.  If Stacy goes to school to become a Nurse Practitioner for one year, she would not have time to work.  What is the opportunity cost of Stacy going to Nurse Practitioner school? To answer this question, we need to start by making sure we understand the underlined economic terms above. Let’s start with trade-offs, which occur due to scarcity.  Scarcity is one of the cornerstone concepts of economics.  Scarcity describes a situation in which unlimited wants exceed the limited resources available to fulfill those wants.  A trade-off is the idea that, because of scarcity, producing more of one...