IMPORTANT

1) FORMUALTE A full written script with humour quirky and intelligent answer.

2) choose a fun topic eg. Cupcake or anything u think its fun to use and use it across Q1 - Q3 as sample

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 organisation, 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. Can you briefly explain the following concepts to someone without a formal business degree? Marginal Benefit. Marginal Cost. Opportunity Cost. 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, can you explain how the scientific method can be used to assess the validity of the intervention? QUESTION 3 Our organisation is currently very concerned with the high level of market volatility. Can you discuss the effect that an increase in price has on demand for goods and services? 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). What about the price of complements?