Economic Choices and Inefficiency in Business

Assignment No. 1: Economic Choices and Inefficiency in Business
As outlined in the first two chapters of BSZ, economics focuses on the choices that people make.

In the simplest of terms, we can consider a choice to be rational if and when the benefits of that choice are at least as great as its costs (or, conversely, if the costs are no greater than the benefits). Similarly, we say that individuals and organizations operate efficiently if their choices are designed in the best possible way to achieve their objectives while minimizing all relevant costs.

With this in mind, to set the stage for the rest of the course, your first assignment is to write a short essay briefly describing an inefficient work situation you have encountered or observed. As part of your answer, please make sure to discuss how you believe that the situation at hand could have been improved.

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