Economic_Concepts

Economic Concepts University of Phoenix ECO/GM 561 International Economics June 19, 2011 Economic Concepts This writing will begin with a definition of economics and indentifying the economic concepts in the Will Bury Goes Global Scenario while explaining how each concept relates to the context of the scenario. Economics is defined as the social science concerned with the efficient use of scarce resources to achieve the maximum satisfaction of economic wants. Will Bury has made himself scarce to his daughter by missing many of her soccer games while holding down his $200,000 salary and benefits package at his current place of employment and working on his own invention in his garage for many years. Will Bury has some hard choices to make as he realizes his limitation in his current production methods. Hiring additional employees will increase the production of his company; however, the dilemma of hiring a skilled workers in the United States at a higher income or higher labors from another country at a cheaper rate of pay. Hiring employees from within the United Stated would Give Mr. Bury more control as he could monitor their work more closely, however higher from other countries at a cheaper rate would allow him to have more revenue to expand and do more with. Another dilemma for Mr. Bury is whether or not the demand is there for people who want to read digitally and at what cost are people willing to pay for such a service. Mr. Bury has conducted some research, which suggests the need for digital reading for pleasure is lagging the need for business use. So he would have to find a way to attract this service for pleasure to gain a higher clientele. Will Bury has a great deal of choices to make that will affect him and his family. Devoting more time to his digital business and taking on more employees will allow him more economic growth, resulting in higher incomes, an experiencing more economic development. References Greenwood, Daphne Dr., Top Ten Economic Concepts/Tools to Remember (AND Use) Retrieved June 19, 2011. From http://www.uccs.edu/~faculty/daphne/economictoolsf2005.pdf McConnell, Campbell R. and Brue, Stanley L. Economics 16th Edition. The Nature and Method of Economics (2004).