Choosing a Firm
In this SLP 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 may select ONE firm from a list available from Entrepreneur magazine:
Important Rule: Your franchise must NOT be in the top 50. Your professor will verify that your firm is acceptable.
This is a ranking of the fastest growing 500 franchises in the United States. Please pick only ONE firm from here. You must reference this firm for all SLP assignments (Modules 1–5). Be sure the firm is interesting to you since you will analyze it for the entire session.
For this first assignment, let’s take a closer look at the firm of your choice in the context of what you are learning in this module. Write a 2- to 3-page paper on the following issues:
What firm did you pick? Why is it interesting to you?
What are some opportunity costs of starting your own franchise?
Think about the three fundamental questions in economics. Apply each question to your firm.
List the three factors of production and explain if and how they are used by your firm.