Wednesday, August 28, 2019

Unit 1 Individual Project Essay Example | Topics and Well Written Essays - 500 words

Unit 1 Individual Project - Essay Example This encompasses the specific allocation of goods for individuals and households. For an individual, it can be as simple as choosing the activity for the day. For a business organization, it includes the setting of the price level for a product or service and finding the equilibrium quantity which can maximize the profit to be generated. Macroeconomics, on the other hand, is more comprehensive as it involves the examination of the performance of the economy as a whole. Instead of simply looking at a single business organization, this means focusing on the entire industry taking into account all industry players regardless of size or bargaining power (Cybereconomics 2008). An example of the macroeconomics is the determination of the factors which causes the increase in the Gross Domestic Production of China which has showed significant growth in the recent years. Being the vice president for sales for a reputable business organization, I am responsible for the purchasing decision for the company. At other times, I also handle the recruitment and application processing for prospective employees. These tasked have allowed me to utilize microeconomics in making my decisions. The purchase of input for the company’s operation has a lot of implication for the price of the product that we manufacture and in turn, the level of profit that we generate. Employing the skills and techniques that I have learned in microeconomics, I always make sure that I am buying inputs at the lowest possible cost which includes minimizing the cost per item, cost of ordering, and cost of handling the inventory. I make use of the economic quantity model which really helped our business organization maximize profits by the elimination of unwanted cost. The macroeconomics portion concerns my task in hiring prospective applicants. When searching for the right person for the job, I look beyond the knowledge and the skill of the candidate and also look at the people working for

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