Pick any ONE business/company of your choice. The company you choose can be a small local restaurant or a large multinational company. Based on your selection, answer the following questions:
In your paper,
Describe the basics of the business you chose- including the size of the business, types of goods/services the business sells, and possible barriers to entry/exit.
Distinguish among four market structures: perfect competition, monopolistic competition, oligopoly, and monopoly in this order.
Discuss what kind of market structure your company falls under. Why?
Analyze whether the demand of the goods/services sold by the business are elastic or inelastic. Why?
Discuss if there are any externalities involved. If so, explain how the externalities can be fixed.
Discuss any roles that larger companies can play in promoting inclusion, equality and reducing poverty.
The Fundamentals of Microeconomics final paper
Full Answer Section
- Supplier diversity: Partnering with businesses owned by minorities, women, and people with disabilities expands economic opportunities and promotes equitable participation in the supply chain.
- Community engagement: Supporting local initiatives and volunteering programs that address issues like LGBTQ+ rights, disability rights, and access to education empower diverse communities and contribute to social cohesion.
Championing Equality:
- Pay equity and fair compensation: Ensuring equal pay for equal work regardless of gender, race, ethnicity, or other factors is essential for achieving economic equality.
- Work-life balance and benefits: Implementing flexible work arrangements, childcare support, and comprehensive healthcare benefits can alleviate burdens on working families and promote equal opportunities for career advancement.
- Employee voice and empowerment: Creating accessible mechanisms for employees to raise concerns, share ideas, and participate in decision-making fosters a sense of ownership and reduces power imbalances.
- Advocacy and policy engagement: Lobbying for and supporting policies that promote equal rights, access to healthcare, and educational opportunities across all social groups contributes to systemic change and broader societal equality.
Reducing Poverty:
- Living wage initiatives: Committing to paying a living wage that meets the basic needs of employees and their families can significantly reduce poverty and inequality within local communities.
- Skills development and training programs: Investing in training programs for low-skilled or unemployed individuals equips them with new skills and improves their employability, reducing poverty and opening doors to better economic opportunities.
- Social entrepreneurship and responsible sourcing: Partnering with social enterprises or adopting responsible sourcing practices that empower marginalized communities and prioritize fair wages create sustainable poverty reduction solutions.
- Financial inclusion and access to capital: Supporting initiatives that provide access to microloans, financial literacy education, and affordable banking services can empower individuals and communities to climb out of poverty and achieve financial stability.
Beyond the examples listed above, larger companies can further amplify their impact through:
- Transparency and accountability: Publicly reporting on their diversity, inclusion, and social responsibility initiatives allows stakeholders to track progress and hold them accountable.
- Collaboration and partnerships: Working with NGOs, government agencies, and academia leverages collective expertise and resources to create broader and more sustainable solutions.
- Innovation and technology: Applying innovative technologies and business models to address social challenges can lead to transformative solutions for reducing poverty and promoting inclusion and equality.
In conclusion, larger companies have a significant opportunity to use their resources and influence to make a meaningful difference in the world. By actively promoting inclusion, championing equality, and contributing to poverty reduction, they can not only strengthen their own brands and attract talent but also contribute to building a more just and equitable society for all.
Sample Answer
Larger companies possess immense resources and influence, granting them the potential to be powerful agents of positive change in society. When it comes to promoting inclusion, equality, and reducing poverty, their contributions can take diverse and impactful forms.
Promoting Inclusion:
- Diverse hiring and leadership: Actively recruiting and promoting talent from underrepresented groups fosters inclusivity in the workplace, setting a positive example for other companies and breaking down systemic barriers.
- Inclusive workplace culture: Implementing policies and practices that celebrate diversity, address unconscious bias, and provide equal opportunities for career advancement creates a welcoming and supportive environment for all employees.