n economics, we focus on competition and strategies to compete (pricing, advertising, etc.). Setting prices is at the heart of doing business and staying in business. If the price is too low, the firm may not make enough revenue to cover costs. If the price is too high, it may price out potential customers. Advertising can help bring awareness about the product/service. Being truthful is critical to honor God in the way a business represents its business and product/service.
Read Chapters 9 and 10 in Farnham.
Familiarize yourself with the materials at the Fair Trade Commission
(Links to an external site.)
Read Col 4:1, 1 Pet. 5:2, James 5:4, Mal 3:5, Prov. 11:1, James 3:14-15, Prov. 20:10, and Lev. 19:35-36. For further relevant scriptures, go to: https://www.biblestudytools.com/
(Links to an external site.)
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Be prepared to discuss the following, supporting your arguments with biblical principles that apply:
How to set prices that are just and fair that allow firms to pay employees well, but still make a profit.
How to advertise and promote one’s product/service in a way that truly represents the value/performance of the product/service.
Initial post due by Wednesday. Write a 300-word post addressing the points above. Be sure to include information from appropriate texts with proper citations and a reference section if citations are included.
Replies due by Saturday. After reading the posts of all your fellow students, reply to two fellow students with a minimum 200-word post engaging their initial post. Feel free to ask questions regarding the information they share.
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