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Mathematics & Economics
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Economics mod 1 SLP: BrightStar Care

Essay Instructions:

Module 1 - SLP

THINKING LIKE AN ECONOMIST: THE BASIC VOCABULARY OF THE FIELD

Choosing a Firm

In this SLP assignment for this session, you will be asked to examine the decisions of a small business owner. Since microeconomics is the study of individual households, firms, and government, we will take a closer look at the operations of a franchise firm. You will choose ONE franchise to follow for the entire session. You can select ONE firm from a list available from Entrepreneur magazine:

http://www(dot)entrepreneur(dot)com/franchises/rankings/franchise500-115608/2012,-1.html

Important Rule: Your franchise can NOT be in the top 50. Your professor will verify that your firm is acceptable.

This is ranking of the top 500 franchises in the United States. Please pick only ONE firm from here. Be sure it is interesting to you since you will analyze this firm for 11 weeks.

For this first assignment, lets take a closer look at the firm of your choice in the context of what you are learning in this module. Write a 2- to 3-page paper on the following issues:

  1. What firm did you pick? Why is it interesting to you?
  2. Define positive and normative statements. Give one example of each type of statement that applies to your firm.
  3. Think about the three fundamental questions in economics (see Chapter 1 in background reading). Apply each question to your firm.
  4. List the three factors of production and explain if and how they are used by your firm.

SLP Assignment Expectations

Use concepts from the modular background readings as well as any good-quality resources you can find. Please be sure to cite all sources within the text and a reference list at the end of the paper.

Length: 2 pages double-spaced and typed.

The following items will be assessed in particular:

  • Your ability to apply the basic concepts from this module to different issues in economics.
  • Describe how these issues in economic affect you.
  • Some in-text references to the modular background readings (APA formatting not required).
  • The essay should address each element of the assignment. Remember to support your answers with solid references including the case readings.

 

 

Answer the following question after your essay is written you can answer this question after the references page

 

 

 

Should Lebron James mow his own lawn? Most pro athletes are strong and capable of mowing their own lawns efficiently. Suppose Lebron can do the job in 3 hours or he can hire a gardener, Pat, to do it 4 hours. Pat charges $25 an hour. Who should do the job, Lebron or Pat? Explain. Be sure to use some economic concepts in your post.

 

 

 

Upload your paper when it is done

Essay Sample Content Preview:

BrightStar Care
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BrightStar Care
In my paper I shall be looking at BrightStar Care rated at No.117 in the Entrepreneur Magazine. The franchise provides homecare and medical staffing services. This franchise is outstanding in the services they offer in that everyone may require them at one point. They provide homecare services to the adults, the sick, the elderly, newborns babysitting, and nanny services as well. In addition, they provide medical staffing services for individuals, families, and healthcare facilities. The franchise has also portrayed continuous growth and sustainability with over 40 years of experience. BrightStar Care offers a full continuum of homecare services and has established a number of locations internationally to serve their customers better (Entrepreneur Media2014).
Positive and normative statements
Positive statements are usually descriptive and factual, they are objective and testable since they represent facts, and therefore they can be amended or rejected based on the tests results. For instance, BrightStar has over 250 locations nationwide, is a positive statement since it can be verified. Normative statements are prescriptive and value based. They use the positive statements as support or evidence but are not factual by themselves, they usually involve making recommendations concerning an action that should be taken or taking a particular viewpoint on a subject (Beggs, 2014). For instance, BrightStar home care franchise have undergone through tremendous growth and expansion, this is a normative statement since it is not factual in itself but can be supported by a positive statement above.
Fundamental economic questions
There are three fundamental questions that have to be answered before engaging in the economy.
* What to produce? This refers to the products of that the entity or the individual intends to offer. The economic system should look...
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