Think about one choice you made in the past several days and explain how this could be analyzed using economics concepts such as tradeoffs, opportunity costs, and marginal analysis
- How does the concept of “tradeoff” relate to “opportunity costs?”
- The difference between monetary and non-monetary opportunity costs
- Why are opportunity costs based on a person’s tastes and preferences
Discussion Topic 2 of 2
Comparative advantage dictates which good or service a particular region specializes in and exports to other regions. List one good or service that your home region specializes in and where it exports this good. Why is your region particularly good at the production of that good or service?
Discussion Topic 1 of 2
Topic 1: What is a personal brand?
Very simply – your brand is what people say about you. Your brand is not your logo, but rather, it is how someone else describes you, your firm, your staff, and your offerings. It is important to understand that your brand exists whether you like it or not.
The good news is that you can control your brand by being open and forthcoming, in a professional manner, about awards you’ve won, your involvement in the community, your new opportunities, positions achieved, events you are involved with, or even through your reactions to the current events or market conditions.
To develop a personal brand we should use every opportunity to let others see our credibility. One way to do this is to be an active member of the community. This helps to establish name recognition and positive awareness. It is not happenstance that people at the top are generally quite active in their communities. Think about why this might occur? It happens because when you give back you are actually developing a positive brand as a good member of the community and with this come increased business and opportunities.
Do you have a presence online?
Have you ever done a Google search on yourself or even wondered what might be on the Web about you? In this age of information, most people who are interested in you will search for you online and check out your Web site before considering you for services or employment. When they find you, will your online image help you or harm you? Your Web site is your is a window into you and should be a reflection of who you are as a professional. It will help to establish your personal brand. Everything you do will help mold how people view you as a professional, so ask yourself, “What does my email ID say about me”?
Control your personal brand!
You can control your brand through communication as people look to you with confidence and trust. Your communication will differentiate you. You can make people feel important and give them something to talk about, which can, in turn, bring you business and opportunities. The reality is that there are hundreds of thousands of people who probably have the same skills and competencies that you do. Ultimately it will be your brand that will determine your success. The stronger your brand, the more credible and visible you are, the easier it is to find you and desire to use your skills which will result in even more value for you as a person. In today’s world we have some exciting opportunities to show our personal brand by using social networking sites such as LinkedIn, twitter, facebook, in addition to belonging to professional organizations, etc. You may already have a presence on one or more of these social networking sites or, if not, you may want to research one or more of these sites to begin to build a presence with your personal brand in mind.
For this discussion, consider this topic and converse with your fellow classmates about choice, opportunity cost, and comparative advantage with regards to personal brand in social networking sites and/or associations you might belong to. Include some ideas about what you can do right now to improve and develop your own personal brand.
Discussion Topic 2 of 2
Choose one of the following and determine whether there is correct usage of the terms “demand,” “quantity demanded,” “supply” and “quantity supplied.” Why or why not?
- The price of Burger King’s Whopper hamburger declines causing the demand for Whoppers to shift to the right.
- Because of a shortage of potatoes, the supply of French fries decreases.
- Wage labor in the peanut butter industry increases causing the quantity demanded for jelly to decrease.
- In the six months following Hurricane Katrina, the quantity supplied of oil in the Gulf of Mexico declined by 25 percent.
- It is a snowy winter and snow shovel prices have increased. Suppliers increase supply to take advantage of these higher prices.