EACH QUESTION I AM ONLU GIVEN 2 MINUTES TO SPEAK

UNDERSTANDING BUSINESS ENVIRONMENT Write a script (ensure it is smooth, quirky, and informational as i want to get GRADE A) for my pre recorded video virtual interview and respond to (3) three pre determined questions using the STAR technique. QUESTION 1 : In our grganisation, we spend a lot of time explaining economic principles in layman terms. Our clients often come from non-business disciplines, and it is always important for us to communicate clearly and succinctly. e Can you briefly explain the following concepts to someone without a formal business degree? Marginal Benefit. Marginal Cost. Opportunity Cost. e Please feel free to use very simple and relatable examples. QUESTION 2 : As a social science, economics is concerned with the scientific method. Thinking about any policy intervention, such as increased funding for universities in Singapore, e can you explain how the scientific method can be used to assess the validity of the intervention? QUESTION 3 Our grganisation is currently very concerned with the high level of market volatility. e Can you discuss the effect that an increase in price has on demand for goods and services? e What happens if prices of substitutes increase? Given an example. How would that affect the demand curve? (Hint; Think about what may shift the demand curve). e What about the price of complements