Learning Team Reflection – Week 6
ECO 561
Names
Date
Instructor

Learning Team Weekly Reflection The objective set forth in week six was to apply economic concepts in making business decisions. Each team member felt comfortable and also struggled with different topics in regard to the objective. Each member has various experiences in different industries, which enables the team members to apply the aforementioned objective in multiple ways. With the many theories and perspectives, the team’s experiences with the material provided different outlooks to consider when referencing economics. The following is a compilation of the team’s opinions of the objective.
Topics team members felt comfortable with During week six, each team member felt comfortable with applying the economic concepts learned throughout the course to making business decisions. This course has emphasized that managers and business owners have several aspects to consider as they try to make appropriate business decisions. They need to think of the stage in the economic business cycle and how their company will be affected by their decisions in times of economic recessions and expansion. They need to consider the credit markets, and whether or not they are making good borrowing decisions. They need to look to the international community, and see if they may expand their market and resources as well as produce their products efficiently at the best price. Managers and business owners need to ensure that the strategic plan set will accept any variations to their initial plan. After relating these concepts the team members feel that a better understanding was developed because each team member can relate the concepts to real life situations and understand what a business can do to prepare. Price Elasticity of Demand – The responsiveness of a demand function, measured in