ECO561 Week 3 Team E Relection Paper

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Week 3 Learning Team Reflection

Week 3 Learning Team Reflection
Companies today have revamped their training programs because of how they develop their learning curve, which determines how often it takes a person to learn a specific skill or job. In order for a person to know the expectation of the job or skill there should be a standard in place. This allows for a person to know if they are achieving the goals or objectives of the job. This goes in line with developing a process and system to ensure that the standards are met and followed.
We also discussed the basic of mathematics such as numbers, counting, whole numbers, integers, real numbers, and prime numbers. We also discussed elasticity inelasticity in which a good or service is considered to be elastics if there is a change in price that makes a drastic change. On the other inelastic good or services is when change in prices are seen only in modest change in the quantity demand or supplied if any at all. We also discuss elastic demand which percentage change in price rules in a larger percentage in quantity. Inelastic demand if a specific percentage change in price produces smaller percentage change in quantity demanded.
In addition, we went of the allgabric equation for point-slope to gain a better idea and understanding of how a company determines supply and demand needs. This is a very important equation to businesses to help understand the trends of their particular market.