Team Reflection
- Submitted by: mugre123
- Views: 381
- Category: Politics: Economics
- Date Submitted: 04/16/2014 06:29 PM
- Pages: 2
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Team Reflection
This week as a team we felt that the toughest objective was relationship number of inputs and law of diminishing marginal productivity. Learning the two is complete contrary but in do give the best way to earn a profit. We have learned that in our every day jobs these are small details which make a difference in being more profitable. Another objective we had difficult to understand was the effects in supply and demand. Demand curves were rather confusing due to continually change. Demand curve has various factors which are income, price of good, production and population .As for the objective we soar was productivity and costs. We analysis product and cost on a daily basis which can affect us in our daily life. “An economic data set that measures future inflationary trends with two indicators. Productivity is the indicator that measures labor efficiency in producing goods and services in the U.S. economy” as we learned from our book. As a team we feel these objectives we have learned this week can relate to our everyday jobs. One of our team members works in the hospitality industry which we can relate law of diminishing and supply and demand. On daily basis occupancy changes which can make the hotel profitable or can lose money due to low occupancy. Another team member works in the largest manufacture of water heaters. He deals which finding the right amount of supply and demand. As well production fluctuates this can be related to law of diminishing.
This week as a team we felt that the toughest objective was relationship number of inputs and law of diminishing marginal productivity. Learning the two is complete contrary but in do give the best way to earn a profit. We have learned that in our every day jobs these are small details which make a difference in being more profitable. Another objective we had difficult to understand was the effects in supply and demand. Demand curves were rather confusing due to continually change. Demand curve has various factors which are income, price of good, production and population .As for the objective we soar was productivity and costs. We analysis product and cost on a daily basis which can affect us in our daily life. “An economic data set that measures future inflationary trends with two indicators. Productivity is the indicator that measures labor efficiency in producing goods and services in the U.S. economy” as we learned from our book. As a team we feel these objectives we have learned this week can relate to our everyday jobs. One of our team members works in the hospitality industry which we can relate law of diminishing and supply and demand. On daily basis occupancy changes which can make the hotel profitable or can lose money due to low occupancy. Another team member works in the largest manufacture of water heaters. He deals which finding the right amount of supply and demand. As well production fluctuates this can be related to law of diminishing.