Hi, I am looking for an essay that is 1000 words describing the fundamentals of economics. Something like the attached format.
Running head: ECONOMIC FUNDAMENTALS Economic Fundamentals
James Patrick McCracken
ECO 87501 Managerial Economics
Dr. Mike Ewald
California Southern University
November 8, 2015 1 ECONOMIC FUNDAMENTALS 2
Abstract A successful business model is a lot like the early stages of a new home construction; you start
by carefully placing a solid foundation called economics that provides support to the walls that
represent a framework of leadership that is expected to deliver substance, form, and protection. A
solid roof line represents a dramatic covering that models the standards of judgment that business
leader should demonstrate which focuses on uniform rules and encourages decision making.
Lastly, a valued structure such as this must be carefully observed and maintained through
constant oversight and care with all its complexity and individual characteristics it is similar to
action expected of any business leadership team, and we sometimes refer to this as management.
Managers are leaders who seek to find a balance between the needs of the employees and the
needs of the company, however with a combined determination to succeed and be profitable.
Leaders make decisions and use the experience to avoid the pitfalls of unsettled risk and possible
failure. Leadership must also have a complete working knowledge of the intended market
audience. Successfully leaders set the tone for other to follow by setting goals or, in other words,
support new ideas, place reasonable expectations, and openly display company objectives out in
the open for the public to see and scrutinize. Goals help the company reach for success while
also interpreting the roadblocks or yield signs that signal limitations or constraints. Economic
statistics can be a determining factor when trying to formulate the amount of justified risk and or
minimized the risk that is being considered. When talking about facts and figures in most cases,
all the calculations in the world will only be as credible as the data that is collected, and also
separating fact from fiction that started out being just hypothetical. History has shown what
faulty data can do when risk is being covered up or masked by manipulated data. ECONOMIC FUNDAMENTALS 3
Economic Fundamentals Within the basic business structure, it is the manager ?who directs resources to achieve a
stated goal? (Baye & Prince, 2014, p.3). Simply stated without the manager being at the battle
front in any business, the day-to-day functions would not be completed, and the goals would not
be accomplished. According to a Wall Street Journal report, titled ?What do Managers do?? it
talks about ?the late Peter Drucker, who divided the job of manager into five simple tasks. 1) Set
objectives, 2) Organizes, 3) Motivates and communicates, 4) Measures, and 5) Develops people?
(Murray, 2015). Managers are the entry level leaders that have the highest level of contact with
the remaining workforce. They are always tasked with being a positive and negative force or the
person who has to do the dirty work of upper management. However, what has sometimes
overlooked it that a manager can be the best single resource of information for employees. The
exposure that manager receives because they are in the trenches cannot be overstated. The way a
manager is most effective is when they use managerial economics. This is the ?study of how to
direct scarce resources in a way that most effectively achieves that organizational goals? (Baye &
Prince, 2014, p.3). An organizational goal is what gives a manager his/her sense of direction, that
direction is vital because many employees will follow that leadership behavior, they will model
that behavior and they could pass that behavior on to others.
Economics ?is the science of making decisions in the presence of scarce resources? (Baye
& Prince, 2014, p.3). Our textbook states that the most valuable resource is time. Within the
framework of economics, we have the most common problems and that is what we do with the
time we have been given is truly a gamble. Over time companies have invested in resources for
employees so they can improve how they use time. Before smartphones became widespread, it
was the day planner or a simple date book. Back in 1984, the FranklinPlanner was introduced ECONOMIC FUNDAMENTALS 4 and on the website it was surprising that personal planner is still being sold. The website states,
?We are constantly producing and gathering the best products available for juggling busy
schedules and turning chaos into order so you?ll always have one source for all things?
(FranklinPlanner, 2015). The organization of time or the better use of time as always pledged the
average employee. Time may be considered as valuable money or the possibility of gaining a
profit. However, companies do not just guess the way forward. They take all available data and
by the use of statistical formula can find clues.
Companies must still make hard decisions and take risks. Economics sometimes can
provide indications or trends in the use or lack of purchasing some good and service.
?Economics is the study of the production and consumption of goods and the transfer of wealth
to produce and obtain those goods. Economics explains how people interact within markets to
get what they want or accomplish certain goals. Since economics is a driving force of human
interaction, studying reveals why people and governments behave in particular ways
(Whatiseconomics.org). In some cases those who analyze economic trends are viewed as psychic
or clairvoyant because they explore trends based on information collected. Forrester Research
posted four days ago the 2016 Predictions for Business Leaders in Asia Pacific and the website
provides a good overview of how the company derives its data ?we work with business and
technology leaders to develop customer-obsessed strategies that drive growth. Forrester?s unique
insights are grounded in annual surveys of more than 500,000 consumers and business leaders
worldwide, rigorous and objective methodologies, and the shared wisdom of our most innovative
clients? (Anderson, 2015). It is reasonable to speculate that while trends and analysis can be
defined and substantiated the final product is going to be a question and the sources of the data ECONOMIC FUNDAMENTALS 5 also questioned. Like with any research the failure to obtain commendable data could result in a
breakdown or disintegration of credibility. ECONOMIC FUNDAMENTALS 6
References Anderson, D. (2015). Forrester unveils its 2016 predictions for business leaders in asia pacific.
Forrester Research. Retrieved from http://finance.yahoo.com/news/forrester-unveils2016-predictions-business020000323.html;_ylt=AwrSbnlZ7T9W2TEARYdXNyoA;_ylu=X3oDMTEzdjBmaTdoB
GNvbG8DZ3ExBHBvcwMxBHZ0aWQDVklQNjEzXzEEc2VjA3Nj Baye, M. & Prince, J. (2014). Managerial economics and business strategy (8th ed). New York,
NY: McGraw-Hill Higher Education. FranklinPlanner.com. (2015). Company info. Retrieved from
Murray, A. (2015). What do managers do?, The Wall Street Journal. Retrieved from
http://guides.wsj.com/management/developing-a-leadership-style/what-do-managers-do/ Whatiseconomics.org. (2015). Retrieved from http://www.whatiseconomics.org/
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