Team Deliverable

In: Business and Management

Submitted By ermawilliams
Words 517
Pages 3
Team Deliverable

ECO/561
April 15, 2014
Boris Higgins

Team Deliverable
During week 1 Team “A” was assigned to read chapters 1, 2, 3, and 6 of Economics. On April 7, 2014 they received a lecture from Mr. Higgins. From this Team “A” gained a better understanding of economics, marginal cost, marginal benefits, and consumer surplus.
Before getting started Team “A” had to understand the meaning of economics. What they learned from both their lecture and readings is that economics is the study of how to use scarce resources to satisfy unlimited wants. They also learned about the basic needs of humans which are air, water, food, clothing, and shelter (McConnell, Brue, & Flynn, p. 3, 2009). However Team “A” learned that in today’s world the basic needs may not be enough to keep them happy. The reason for this is because humans now desire goods and services to accommodate their standard of living. In general humans want the next big thing. They may feel as though they need a flat screen TV, a fancy car, internet, cell phones, etc. Even though humans understand their basic needs, they still desire things that provide them with a comfortable lifestyle.
To get a better understanding of marginal cost and marginal benefits, they had to first know their meaning. What they learned is that the marginal cost is about the value of what is given up to produce additional goods or services, and marginal benefit is about what humans are willing to give up to get one more good or service (McConnell, Brue, & Flynn, p. 5, 2009). After discussing this topic Team “A” realized it would be unproductive for someone to produce goods if the marginal benefit is less than the marginal cost. All team members agree that an efficient level of product is reached once the marginal benefit is equivalent to the marginal cost.
What Team “A” learned about consumer surplus in…...

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