Personal statement

Writing instructions

You are charged with interviewing a business owner. The purpose of the interview is to determine how the business owner uses economics to improve their business planning. Each interview should last between 15 and 30 minutes. I expect the larger businesses will be more explicit in their understanding of economics in their business. A SME (small to medium size enterprise) will be more intuitive. Your interview should try to cover a mix of businesses, by size and industry. In your interview ascertain the answers to the following questions: 1. How is the understanding of economics useful to your business? 2. What economic concepts do you use? How do you estimate demand or know how much to produce? How do you maintain supplies? 3. How do you price your goods/services? 4. What have you changed during the last economic downturn? Upturn? Please be wary with the owner of a SME. More often than not, intuition may be a response. Gently nudge for more information. For example, exactly what forces caused a business to decide to change supply orders or pricing. Try to dig through their thought processes.