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6.Subject Business Ethics: The Hawaii State Department of Health has agreed to settle for $2 million a ...

llion a fine against Koyo USA Corp. for violations at its Big Island water bottling plant, state officials said Monday. The company, which markets its filtered bottled ocean water in Hawaii and Japan under the band name Mahala Hawaii Deep Sea, paid $1 million to the Health Department on May 2 and must make the second payment by Aug. 31, 2013, health officials said. The Health Department had fined the company $5 million for the violations in September 2011 after an investigation found it had been using an unapproved manufacturing process since 2006. None of the company’s bottled waters was recalled and health officials said there was no threat or risk to human health, as confirmed by test results from independent laboratories and the state lab. Koyo continues to operate its facility at the Natural Energy Laboratory of Hawaii Authority in Kailua-Kona. Statement: The government should fine companies that do not follow procedures. 1. Present arguments (as many as you can think of) in support of the government why it is justified to fine Koyo. 2. Present arguments (as many as you can think of) in support of why Koyo should be allowed to do what it did. 3. What is your position? 4. Should the government be allowed to do this in some industries but not all? Why or why not? WRITE YOUR ANSWER UNDER FOUR CLEARLY MARKED SUBHEADINGS (SEE BELOW) REFERRING TO THE FOUR ABOVE. 1. FOR THE MOTION: 2. AGAINST THE MOTION: 3. MY POSITION: 4. DISCUSSION:
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Basic Concepts in Economics:

Economics have mainly five concepts

  • Purchasing power - 
  • Demand and supply
  • Scarcity of resources
  • Time value of money
  • Opportunity cost

Economics is divided into two types:


Micro derived from the greek word “Mikros” meaning small ,so it deals with the choices of a single entity or say individual unit such as consumer, household, a firm , industry and price of a product.

Micro economics studies

  • Product pricing
  • Consumer behavior
  • Factor pricing evaluation   
  • Firms behavior
  • Industry’s location


Micro economics studies

  • National income
  • General price level
  • Employment level
  • Saving and investment level
  • BoP (balance of payment) & BoT (balance of trade)


Economics Homework Questions & Answers - Sample

Question 1: Which variable is not a part of macroeconomics ?

(a) Gross Domestic product

(b) Consumer Behaviour

(c) Total expenditure of a nation

(d) Inflation rate.

Answer :  b, as it is a variable of micro economics

Question 2:  Explain the variable of microeconomics.

Answer : Variables that deal with the individual units are the part of the microeconomics.

For example - 

  • Behaviour of a consumer
  • Production of a local business unit
  • Product pricing etc

Question 3: From where the word micro derived and what does it mean?

Answer : The word micro is derived from a greek word “Mikros” which means small.


Need help with microeconomics, macroeconomics and business problems?

Economics is a branch of social science that is vast in nature and covers a lot of theory aspects. Economics as a subject is commonly studied by high school & college students and is divided into the two primary branches commonly referred to as – micro & macro economics.  

Economics students not only deal with a theoretical concept but also need to comprehend data from the graphs, identify patterns, produce forecasting reports and even conduct deeper research to understand the models of economics such as the correlation between elasticity of demand and opportunity cost or how does monopoly impact the supply and demand of goods and services in a given industry. Understanding consumer behavior is another important aspect of economics and the most tricky one too. 

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