Looking closely at cost and competition”

Watch this video, Revenue, Profits, and Price: Crash Course Economics #24, to help you prepare for this week’s discussion.

Use the company for which you currently work, a business with which you’re familiar, or the dream business you want to start to reply to these prompts:

• Do you think it’s easy for your selected business to enter this same industry? 
• What are some key fixed, variable, implicit, and/or opportunity costs?

Discuss with your peers:

• Read one of your peer’s posts and share another idea for a type of cost.