Assignment 1

(20 points)

Assignment 1: Economics

Instructions

Save this file in your course folder, and name it with Assignment, the section number, and your first initial and last name. For example, Jessie Robinson's assignment for Section 1 would be named Assignment1JRobinson.

Type the answers to the assignment questions below. Use complete sentences unless the question says otherwise. You will have more than one day to complete an assignment. At the end of each day, be sure to save your progress.

Review Lesson 4 of the Course Overview for instructions about turning in your assignments.

Assignment Questions

In Section 1, you learned about economic principles. Now, you'll apply what you learned.

1. Choose a well-known company that you know of, and answer the following questions about it:

a. Is this mainly a product-based or service-based business? (1.0 points)

b. What type of good or service is this company best known for? (1.0 points)

c. What makes the company different from its competitors? (1-3 sentences. 3.0 points)

d. Why do you think this company became successful? Describe at least one reason. (1-5 sentences. 2.0 points)

2. Choose a different well-known company that you know of, and describe its direct and indirect competitors. Describe at least 2 direct competitors and 2 indirect competitors. (1-5 sentences. 4.0 points)

3. Describe at least 3 nonprice competition strategies a company could use to convince customers that its product is better than other similar products. Why would those strategies matter to customers? (1-6 sentences. 3.0 points)

4. Describe a real or made up but possible example of a product that went through a time of scarcity. What was likely to happen to the price of the product when it was scarce, and why? (1-3 sentences. 3.0 points)

5. Describe a product you know of that has elastic demand. Why is the demand for this product elastic? Explain. (1-3 sentences. 3.0 points)