Economic Principle: Nike vs Adidas: Strategies for Maintaining Optimal Running Performance in a Post-COVID-19 World

Some economics principles to consider:

• Incentives matter: because they affect the benefits and costs of taking one action as opposed to another.
• Theprinciple of comparative advantage: Everybody does best when each concentrates on the activity for which he or she is relatively more productive.
• Trade-offs: in economics we often look at the trade-offs involved in a decision.
• Opportunity cost: each decision we make involves an opportunity cost, that is, the next best alternative.
• The cost-benefit principle: Take no action unless its marginal benefit is at least as great as its marginal cost.

The aim of the assignment is to encourage to:

1. Apply economic concepts and principles to research and analyse economic data and phenomena in the real world (SILO 2).
2. Explain fundamental economic concepts using text, diagrams and equations (SILO 3)
3. Utilise and critique a range of economic tools and approaches to draw conclusions and make recommendations. (SILO 4).