Case-1 Thinking like an economist: The basic vocabulary of the field

Choosing a Firm
In this essay assignment for this session, you will be asked to examine the decisions of a small business owner. Since microeconomics is the study of individual households, firms, and government, we will take a closer look at the operations of a franchise firm. You will choose ONE franchise to follow for the entire session. You can select ONE firm from a list available from Entrepreneur magazine:
2010,-1.html (Retrieved December 2, 2011).
This is ranking of the top 500 franchises in the US. Please pick only ONE firm from here. Be sure it is interesting to you since you will analyze this firm for 11 weeks.
For this first assignment, lets take a closer look at the firm of your choice in the context of what you are learning in this module. Write a 2 page paper on the following issues:
1. What firm did you pick? Why is it interesting to you?
2. Think about the three fundamental questions in economics (see Chapter 1 in background reading or click here). Apply each question to your firm. For instance, in question 2 you can discuss what major resources are required by your firm.
3. Do a little research on your own. What are some of the costs of starting a franchise in the industry you chose?
4. Define opportunity cost in your own words. What are some of the opportunity costs of purchasing a franchise?
SLP Assignment Expectations:
Use concepts from the modular background readings as well as any good quality resources you can find from the cyberlibrary or other internet search engines. Please be sure to cite all sources within the text and a reference list at the end of the paper.
Length: 2 pages double spaced and typed
The following items will be assessed in particular:
Your ability to apply the basic concepts from this module to different issues in economics.
Describe how these issues in economic affect you.
Some in-text references to the modular background readings (APA formatting not required).
The essay should address each element of the assignment. Remember to support your answers with solid references including the case readings.

Please let my writer do not write the paper too perfect, and try not to use too many big words.

Case-1 Thinking like an economist: The basic vocabulary of the field

Production Possibilities Curve
The Production Possibilities Curve is an economic model that is used to represent many economic concepts such as scarcity, opportunity cost, and efficiency.
Required Case Readings:
Rittenberg L. and T. Tregarthen (2009). Chapter 1 (sections 1-3): Economics: The Study of Choice Principles of Microeconomic Analysis. FlatworldKnowledge.com. Retrieved from: click here
Rittenberg L. and T. Tregarthen (2009). Chapter 2 (sections 1-4): Confronting Scarcity: Choices in Production Principles of Microeconomic Analysis. FlatworldKnowledge.com. Retrieved from: click here
After reading the materials listed above, please address the following questions in a 4 page essay:
Review the Case in Point essay a?The European Union and the Production Possibilites Curve,a? in section 4 of Chapter 2 in the Principles of Microeconomics online text listed above to address the following two questions.
1. Does a reduction in trade barriers cause a country to move closer to its production possibilities curve or does it cause the production possibilities curve to shift outward?
2. What can be said about an economy that is operating inside the production possibilities frontier.
3. What are at least TWO factors that would cause the production possibilities curve to shift outward (economic growth)?
4. Using the same case, what role did comparative advantage play in trade among member nations? What was the effect on the standard of living among trading nations?
5. Discuss some advantages and disadvantages of free trade.

Please let my writer do not write the paper too perfect, and try not to use too many big words.