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What is economics? What role does economics play in your personal and organizational decisions? Provide an example of the role of economics in decision making.
Economics is the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of the society. In my personal like economics plays a good role in our finances. At the moment we deal with only one income and with it comes the decision making of food, clothing and bills. Things like how much is available for eating our verses cooking a hot meal at home. In regards to the organization I work for I have to say that with my pregnancy the decision making of taking days off is the example. If I don’t go into work I will be losing leave time from that day and with it some of my maternity leave, but some rest will be gained. In the other hand staying home may cause me more in electricity bills. It can be an economic gamble.

Identify a recent purchase of an important capital item by an organization with which you are familiar. What factors affected the decision to purchase this capital item? How important was the productivity associated with other inputs and their prices? How did the addition of this capital item affect the productivity of the existing workforce and the wages they earned?

My article is actually of an item that has been taken from an organization that I’m familiar with, CVS Has Ended Sales of Tobacco. Even though the production of tobacco or cigarrets has been banded from other states a few years back, it is not until this year that turned into affect with a bigger punch. As the pharmacy president stated “Selling tobacco is very inconsistent with being in that business. We really thought about this decision as it related to the future as a health company it’s good for customers and our company, in the long run.” I can

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